Is My Home Battery Storage Solution Eligible for an Investment Tax Credit?
When you make the decision to install a home solar panel system in New Braunfels, TX, it’s wise to also include a battery storage solution with the array. The battery allows you to store excess solar power produced by the panels during the day. Read on to learn about whether or not your home battery storage solution qualifies for an investment tax credit (ITC).
What Qualifies for an ITC
Battery storage solutions qualify for an ITC as long as you charge the battery with solar power collected on your property by a solar panel system that you own. You can’t get the tax credit if you charge the battery with grid power or with a solar panel array that is on your property but leased to another entity.
Why Now Is the Time to Install Battery Storage and a Solar Panel System
The ITC is 26% for 2021. Even if you’re just purchasing battery storage for an already-existing solar panel system, installing it this year could save you several hundred dollars. If you’re adding a battery storage solution along with a solar panel installation, you could save even more. Waiting to install could mean receiving a lower ITC. The credit will drop from 26% to 22% after 2022.
Tax Credit for Installing Battery Storage for an Existing Solar Panel System
If your home already has a solar panel system, you can still enjoy the tax savings by installing battery storage in 2021. You can save 26% of the cost of installing battery storage through the ITC tax credit. Even if you’ve already claimed the credit for your solar panels, you can use it again for battery storage.
GVEC is the trusted solar and battery storage solutions experts in South Central Texas. You can also count on us for whole-home surge protection, internet and electrician services. For more information on the tax credit you can receive for solar and battery storage solutions, call us at 855.898.8807.