If you are looking to upgrade your electrical system at your home or business, now is certainly the time. Federal tax credits for both solar panel systems and solar hot water systems have been extended to the end of 2019. At the end of the year, the credit starts to be reduced. If you upgrade now, you will be eligible for a 30% subsidy of the cost of buying and installation. At the close of 2019, the percentage points begin to dwindle each year until they disappear in 2022 for homeowners, remaining at 10% for businesses.
There are other ways to get tax credits and rebates other than going solar. Things you might not think of, like compact fluorescent light bulbs that can save you about $10 in rebates. There are also larger rebates available for upgrading your appliances, not just those in the kitchen or laundry room but also pool pumps, HVAC systems, fans and water heaters.
If you are looking at being energy efficient to reduce your utility bills, there are many ways to save and although you will pay more up front in installing and buying equipment, making changes like this will save you for years to come, and the perk of getting a little money back through tax breaks and rebates is just an added bonus.
