The most recent COVID-19 Stimulus Bill offered more assistance for Americans, and the discussion of future bills will likely do the same. But homeowners in Southampton and surrounding areas on Long Island don’t need to wait for future stimulus bills to gain additional assistance. Thanks to the extension of the solar investment tax credit (ITC), homeowners can save considerable costs on their utilities as well as receive the maximum tax credits allowed for switching to solar.
The ITC, currently at 26 percent, was scheduled to drop from 26 percent to 22 percent in 2021. However, on December 21, 2020, the U.S. Congress extended the 26 percent solar investment tax credit through 2021 and 2022 in conjunction with a federal spending package alongside a COVID-19 relief spending bill.
Long Island homeowners who switch to solar power will not only be able to take advantage of the ITC, but will also realize significant savings on their energy bills. The ITC also applies to commercial building owners. Those interested in learning more about the requirements for the ITC can find resources and guidance provided by the Solar Energy Industries Association (SEIA).
Hampton's solar pioneers GreenLogic, an award-winning solar company, can also assist Long Island homeowners and business owners with the switch to solar energy. Solar experts will visit homes and businesses to provide a free consultation. They will answer any questions about savings from solar power, the cost of solar panel installation, and how solar energy works to provide power to homes and decrease energy bills.
The ITC was first implemented in 2006, but this year it is more beneficial than ever since so many more individuals on Long Island are working from home. More people at home means higher energy costs. And with so many struggling to make ends meet during the pandemic, cutting energy costs is critically important. The extension of the tax credit for at least another two years will enable businesses and homeowners in Southampton and surrounding areas of Long Island to both save more money and improve energy usage.
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