With the days warming up, and utility companies increasing their rates (on June 1 – SMUD went to $0.29 kWh between 5 and 8pm), more and more homeowners and commercial real estate owners are turning to solar energy to save money by generating their own power.
There has never been a better time to go solar, as the Federal Investment Tax Credit will decrease at the end of 2020. It’s currently at 26% – meaning that you will only have to pay for 74% of the total price of your solar system.
As long as you own your solar system, you are eligible for the Federal Investment Tax Credit. If you lease or sign a PPA with an independent solar installer, you would not be eligible for the tax credit.
If you need cash flow or tax relief, you can take the tax credit and enjoy it. But, if you don’t need to tax break, and you’d like to get an even better deal on the financing your solar system, we offer a special deal with our partner Sungage Financial.
Through our Deferred Down Payment option, you can use the tax credit as a down payment that you don’t have to pay until after you get the tax credit (June the year following your solar installation).
From a finance perspective, this means you can pay zero interest on 26% of your entire solar system! If your system costs $10,000, your tax credit would be $2,600. Using this as a deferred down payment, your total loan would only be for $7,400. This means you only pay interest on 74% of the total bill.
Don’t want to use the full tax credit as a down payment?
That’s fine! We can put a portion towards it, any amount you choose.
Not sure if you want to tax the cash or use it as a down payment?
You can change your mind and take the cash without any penalties or fees, your monthly rate will go up proportionately and fairly.
It’s a no brainer! To learn more about taking full advantage of solar tax credits in Sacramento, California, call VEVO Electric today, we are happy to tell you how much you can save with solar.
VEVO Electric and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.