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Extending the 30% solar ITC in 2019

8/7/2019

https://www.civicsolar.com/article/extending-30-itc-2019

"Based on the information gathered from the IRS Report 2018-59 to claim the 30% ITC this year all you have to do is: Make a 5% payment on the total cost of the system in conjunction with a written contract to guarantee the continuous development of the solar array, or begin physical work of a significant nature in regards to the installation process (ie. “racking or other structures to affix PV panels, collectors, or solar cells to a site”) before January 1st, 2020."

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Blue Ridge Sun will exhibit at July 27 Wytheville Farmers Market

7/24/2019

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Find out more about solar! Please come visit the Blue Ridge Sun exhibit at the Wytheville Farmers Market this Saturday, July 27, 8AM-12PM.

Location:
210 W. Spring St.
P.O. Box 1618
Wytheville, VA 24382
In Historic Downtown Wytheville!

The farmers market offers local residents and out-of-town visitors an opportunity to purchase locally grown vegetables, fruits, potted and dried plants, cut flowers, meats, eggs, honey, artisan crafts, delicious baked goods, and freshly roasted Market Blend Coffee.

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Additional Upper Pressure on Solar System Pricing

7/2/2019

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Beginning July 1, 2019, out of state vendors are required to collect sales tax on orders shipped to solar contractors in Virginia, as a result of the United States Supreme Court's ruling in Wayfair v. South Dakota and subsequent changes in sales tax laws in Virginia. This will push up the cost for solar modules, inverters, racking, and other solar system parts ordered from out of state suppliers by 4.3% to 7%, depending on the locality in Virginia where the parts will be shipped to.

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Sun is Setting on Federal Solar Tax Credits

4/16/2019

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First established by The Energy Policy Act of 2005, the 30% investment tax credit (ITC) for residential and commercial solar energy systems will begin to wind down after 2019. This tax credit is a dollar-for-dollar reduction in the income tax that a taxpayer otherwise would have to pay on their federal tax return. It is like an IRS gift card that can be applied against federal income taxes.

For residential and commercial solar systems this credit will be reduced to 26% for systems placed in service in 2020 and to 22% for systems placed in service in 2021. Starting in 2022, there no longer will be a federal solar tax credit for residential solar energy systems. A permanent 10% solar tax credit will be made available for commercial and utility solar energy systems from 2022 onwards.

To qualify, a residential solar energy system must serve a dwelling unit located in the United States that is owned and used as a residence by the taxpayer. It can include a house, as well as a houseboat, mobile home, cooperative apartment, condominium, and a manufactured home. The dwelling also may include a second home or vacation home.

In addition, the solar system must be “placed in service” by December 31, 2019 in order to qualify for the full 30% credit. This means the installation is complete and the owner is able to use the system.

To claim the credit, taxpayers must complete IRS Form 5965, and submit it together with the 1040 form that is normally filed.

According to data from the Solar Energy Industries Association (SEIA), as of Quarter 4, 2018, the “average-sized residential system has dropped from a pre-incentive price of $40,000 in 2010 to roughly $18,000 today,” and prices for residential solar systems “are at their lowest historical level across all market segments.”

With record low prices for residential solar systems, along with the future reduction in tax credits after 2019, this year is expected to show a record pace for residential solar installations. For anyone who has been sitting on the fence considering a solar system for their home or business, now is a great opportunity to go solar and benefit from the last year that the full 30% solar tax credit will be available.

References:

programs.dsireusa.org/system/program/detail/1235
www.energystar.gov/about/federal_tax_credits
seia.org/initiatives/solar-investment-tax-credit-itc

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Extending the 30% solar ITC in 2019

Blue Ridge Sun will exhibit at July 27 Wytheville Farmers Market

Additional Upper Pressure on Solar System Pricing

Sun is Setting on Federal Solar Tax Credits

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