Renewable energy offers tax incentives
Prospero Energy Solar Logo with a sunset over the mountains

What are the Tax Benefits of Going Solar?

So, you’ve maybe heard that going solar could help provide some tax relief or offer incentives that could be enticing to American tax payers. It can be fairly confusing to understand whether or not solar installation is a liable investment. We admit that it may not be worth it for everyone, but it sure helps to identify the pros and cons of both sides. In this article we further discuss the possible savings on taxes as a result of going solar. 

First, let’s understand what a tax credit is…

A Tax Credit is basically a dollar amount reduction in the taxes you owe. For example, if you owe the IRS $500 in taxes then a tax credit of $300 would decrease your owed taxes to $200. The Federal Solar Tax Credit is a credit that can be claimed on federal taxes for a percentage of the cost of a photovoltaic system paid by the certain tax payer. The installation of the system must be completed in the corresponding tax year. 

From now until 2032, Congress has approved a 30% tax credit for solar power systems installed. There is no limit for what can be claimed on these systems. This can definitely be an enticing option to consider when thinking about installing solar at your residence or business. 

Renewable energy offers tax incentives
There are many benefits of going solar.

Eligibility For Solar Federal Tax Credit

 
Expenses include solar panels and individual solar cells, contractor labor costs, system balancing equipment, sales tax, and energy storage devices

Solar Installation does introduce some attractive tax credits and savings that should be considered.

On Key

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Environmental Impacts of Solar Energy

Could solar really be the key to solving a crisis often talked about in political and economic circles? Have you been wondering whether or not those salesmen are marketing a hoax, or actually a beneficial product that serves generations to come? We believe that harnessing solar energy can have extremely positive impacts on our planet. Many ask what the benefits are of installing solar energy on one’s residence. At Prospero, we provide educational resources and encourage clients to research for themselves. 

Overall, studies show that the emission of greenhouse gases is harming our planet. Some of these harmful elements include carbon dioxide and methane, two things that we as humans often produce in our everyday lives. These things are emitted through the production and transportation of gasoline and fossil fuels. Gases such as these are also a primary method of electricity production in the entire world. Hence, cutting down on the production/transportation of these resources, will benefit our planet greatly. So, our answer is – yes the use of solar energy can reduce the amount of greenhouse gasses being emitted into our atmosphere.

Solar energy helps the environment
Solar power benefits earth and reduces greenhouse gases

 

We conclude that solar energy has the potential of reducing the amount of harmful gasses released into the atmosphere. If you are searching for solar energy companies near you, keep us in mind – at Prospero Energy, we are eager to help you help the planet. Let’s preserve earth for the generations ahead of us.

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Solar Power
Who Discovered Solar Energy?
Edmond Becquerel
In What Year?
1839
Who Created the First Solar Cell?
Charles Fritts
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Solar energy dates all the way back to 1839 in the country of France. Edmond Becquerel was the one who first discovered what we call the photovoltaic effect. This is classified as the creation of an electric current/voltage when exposed to a light source. The discoveries made by Becquerel would later influence other inventors, resulting in the invention of devices to capture and retain solar energy.


Over 40 years later, the first solar cell was invented by Charles Fritts in the United States. To do so, Fritts utilized the elements of selenium and gold in order to produce a constant flow of energy. With a 1 or 2% conversion rate, these cells fail to compare modern day cells that achieve conversions of around 15 – 20%. That’s a lot better rate of conversion! 


In 1888, two patents for solar energy were given to Edward Weston. His goal was to create a device that could harness the energy of the sun into mechanical and electric energy. Over the next few decades, the technology surrounding solar power generation advanced quickly. Soon after – solar cells became more efficient, thermal generators were introduced, and solar power became more like what we recognize today.

Sources:

  • https://www.smithsonianmag.com/sponsored/brief-history-solar-panels-180972006/
  • https://www.thoughtco.com/heinrich-hertz-4181970
  • https://www.axpo.com/dk/en/about-us/magazine.detail.html/magazine/renewable-energy/how-the-solar-cell-found-the-spotlight.html
  • https://www.iec.ch/blog/happy-birthday-edmond-becquerel
  • https://www.chemistryworld.com/opinion/westons-cell/4015406.article
  • https://www.tourism33.ru/en/guide/people/stoletov-aleksandr-grigorevich/