Solar Savings in Idaho
Many people are moving to solar energy for a cleaner and more sustainable energy source. While owners of solar panels enjoy the ethics of their systems, they also benefit from huge savings. After switching to solar panels, you will quickly notice that your energy costs will be reduced by 30% to 100% depending on the amount of panels you installed. Along with the reduced energy costs, you can also claim state and federal tax credits by installing solar panels to your home or business.
During the same year that you install solar systems to your home, you are eligible to claim credits on your taxes. The state of Idaho offers a generous state tax credit to reward the transition to cleaner energy. The first year that you claim this tax credit, you can receive a break equal to 40% of your system’s initial cost. For the following 3 years, you are able to claim a tax credit equal to 20% of your system’s cost. You can also file for a 30% federal solar tax credit. These two incentives combined with reduced monthly energy costs make solar panels a valuable investment.
The average payback time for solar power is 8 years, meaning after a decade, the systems have paid for themselves and you will have made noticeable profits from your solar installation. After 20 years with solar energy, your total savings can amount up to tens of thousands of dollars.