As Solar Tax Credits Run Out Homeowners Race Against The Clock

Many home owners on Long Island are rushing to go solar before the Federal Tax Credit (30% of the solar systems cost) diminishes in January of 2020. The THEN lesser Tax Credit that will go from 30% NOW to 26% in 2020, 22% in 2021 will officially cease and be completely gone come January of 2022.

The reason for the spike in solar during this closing window however is because the tax credit can include a new roof as well. Currently local roofers are often pretty affordable but financing options are hardly viable at interest rates as high as 9.99%!

With solar however home owners can get their roof replaced and solar installed by financing the project with no investment out of pocket, a monthly payment that not only replaces their electric bill but is often less expensive and offers more affordable interest rates than Home Equity Loans, or financing rates from any roofer that we have seen. That following tax period they can claim 30% of the whole project (The cost of the roof AND Solar combined) pending their tax liability. The tax credits allow electrical as well in the "Solar Expenditures".

While many people were hopeful solar will go down in cost moving forward thats simply not the case it seems. And you should be aware that's not a possibility anymore mathematically.

For example even if manufacturing costs somehow went down (theres no historical data of this occurring-Nor is it likely as Tariffs have been imposed and American manufacturers were making panels overseas to avoid higher costs here ) the current tax credits available in NY, State & Federal, together can cover up to %49 of the system in some cases.

Ex: $30,000 Solar System

Federal Tax Credit $9,000

State Tax Credit $5,000

$30,000 - $14,000 (49%)

Rem: $16,000

Now imagine that scenario without the $9,000. Manufacturers would have to justify making the same technology for 30% less. We see no logical way that would be in any way realistic.

One Company Paradigm Energy Corp who's slogan is Solar Should Never Be Shady recently came on the scene in Three Village helping tons of residents with Roof work, Tree work. and electrical work, all related to improving their homes candidacy to go solar and/or the panels effectiveness. For more information on these tax credits and solar expenditures you can call them at 631-905-9449 or visit them on their Facebook Page Paradigm Energy Corp.