Homes with solar electricity have enormous savings and environmental benefits — and the 30% Federal Solar Tax credit only sweetens the deal.
To encourage Americans to use solar power, the EPA and the Department of Energy offers tax credits for solar-powered systems.
When you buy a Green Key Village Home you own your solar energy system, so you are eligible for the solar tax credit.
Even if you don’t have enough tax liability to claim the entire credit in one year, you can “roll over” the remaining credits into future years for as long as the tax credit is in effect.
What is the Solar Tax Credit, Anyway?
The federal solar tax credit, also known as the investment tax credit (ITC), allows you to deduct 30% of your home’s solar costs from your federal taxes — with no cap on its value.
When you buy a home in Green Key Village, you are automatically eligible for the solar tax credit. Even if you don’t have enough tax liability to claim the entire credit in one year, you can “roll over” the remaining credits into future years!
Does my Home Qualify for the Solar Tax Credit?
To claim the 30% solar tax credit, the solar power system must be purchased and not leased in any way. When you buy a Green Key home, your solar system belongs to you.
By purchasing a net-zero Green Key Village home, you’re making a conscious effort to protect the environment through our eco-friendly home features that all but eliminate the balance on your electric bill and keep your home safe and comfortable for you and your family.
Net-zero homes save money, save energy, add market value, and save you money through the Solar Tax Credit!
How & How Much?
At the closing of your Green Key Village home, you will receive a receipt for the cost of your solar electric system, which entitles you to a tax credit on your Federal tax return.
This one-time tax credit is equal to 30% of the cost of your solar array which amounts to a cash savings of $5,000 to $8,000 per home.
How much you save is time sensitive — the current 30% rate runs through 2019, when it will fall to 26% in 2020, 22% in 2021 and 10% in 2022. The sooner you get into a Green Key Village home, the better!
Want to learn more? Check out these additional resources:
- The Wall Street Journal explores the legislation and what it means for today’s homeowners.
- Greentech Media conducted an in-depth analysis of the solar tax credit’s impact on the broader solar industry.
- Read the language of the official bill (Section 303, beginning on pg. 2005, details the specifics of the extension).
Your Dream (Solar) Home is Just Around the Corner
For a limited time, with the purchase of a solar powered home in Green Key’s beautiful Lady Lake community, you can enjoy a 30% Federal Solar Tax Credit for your home.
After purchasing your home, remember to let your accountant know you’ve gone solar in the past year. If you file your own taxes, ask Green Key Village for help, we can provide you with additional guidance and the necessary information.
Ready to find your dream home at Green Key? Call us today or stop by our showcase homes to experience solar-powered living at its finest!