Save Money With Solar Power in Arizona in 2022
Are you an Arizona homeowner interested in saving money and doing what’s best for the environment? Do you plan on building a new home in Arizona and looking for tax rebates and sustainable solutions? Arizona receives more sun than anywhere else in the United States, allowing homeowners to maximize their solar power potential. There’s no better time than now to learn how to save money with solar power in 2022.
The cost of solar panels has dropped significantly over the years, making them more accessible to homeowners. Plus, the federal government and many states offer financial perks to further promote the use of solar panels. In this article, we discuss how to reap the benefits of energy savings, solar rebates, and solar tax credits while promoting sustainability.
Energy Saving Benefits of Solar Power
One of the key benefits of installing solar panels around your home is the reduced cost of electricity. The degree of cost reduction will depend on the size of your solar panels and how many you have installed. Solar panels can save homeowners tens of thousands of dollars over the course of a couple of decades.
In addition to saving money, you’ll reduce your carbon footprint. In fact, research shows that solar systems that power entire homes can produce 80 percent fewer carbon emissions than fossil fuels.
Like other consumer products and services, you may be eligible to receive cash back when you purchase solar panels. Some municipalities and utility companies offer rebates and subsidies when you install a solar system. However, solar rebates can be deducted from the cost of solar panels, which can affect your tax credit. Plus, they are typically available for a limited time – usually when a certain number of panels have been installed in your area. So, consider taking advantage of solar rebates while they last.
Solar Tax Credits
Once you install solar panels on your property, you can take advantage of state and federal tax credits. For example, here’s what to expect:
- State Tax Credit: The Residential Arizona Tax Credit deducts 25 percent of the solar panel cost, up to $1,000, from your personal income tax in the year you install them.
- Federal Tax Credit: The Federal Solar Investment Tax Credit gives back 26 percent of the cost of solar systems installed before December 31, 2022. Unlike the Residential Arizona Tax Credit, the Federal Solar Investment Tax Credit doesn’t deduct your income, but it offsets what you owe in taxes.
Other Incentives of Solar Power
When you purchase and install solar panels, you get to take advantage of a slew of state and federal incentives. Among them are:
- Energy Equipment Property Tax Exemption: A property tax exemption may apply to your home value when you install rooftop solar panels. To be eligible for the Energy Equipment Property Tax Exemption, you must provide your county assessor with proof of purchase and installation.
- Solar Equipment Sales Tax Exemption: Arizona offers a 5.6 percent sales tax exemption on solar systems.
- Arizona Net Billing: Under Arizona’s net billing law, homeowners can be compensated for excess energy generated by solar panels. For example, you can receive extra money if your solar system produces more electricity than you use.
Contact Us to Find Out How to Save Money with Solar Power
Now that you understand the benefits and incentives of solar power, it’s time to kick off the new year with Fusion Power’s energy-saving solutions> . We work with residential houses and large commercial properties, and we’re committed to helping our customers save money on their utility bills. We’d be glad to start with a free analysis to devise the right solar system for your property. To get started, call us at 480-676-1433 or email email@example.com.