Oct 28, 2019 – Denver, CO. Solar-Estimate.org, a SolarReviews company, has released the first Solar Tax Credit Calculator on their website. The tool is available, free of charge, for consumer use.
At face value, calculating the Solar Investment Tax Credit (ITC) for a residential solar project in 2019 is straightforward – simply multiply the total system cost by 30 percent. However, complications can arise for taxpayers if the tax credit exceeds the amount of federal taxes owed, in which case the tax credit’s value would be spread out over several years. The gradual step-down of the ITC starting in 2020 is another potential source of confusion.
Luckily, Solar-Estimate.org has a tool to simplify all of this confusion. The Solar Tax Credit Calculator is the only tool of its kind available, free of charge, to the public. The calculator uses tax brackets and standard deductions based on the 2019 tax year to estimate the credit amount and credit schedule for the homeowner.
Solar-Estimate.org development manager Evan Nicoles said:
“We couldn’t find an existing solution to estimate if the solar tax credit will be applied to a single year’s tax payment or over multiple years, so we created one. While it’s always advised to consult with a tax professional for formal advice, our calculator can help homeowners estimate the implications of the credit on their tax bill and help solar professionals set better expectations for homeowners.”
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SolarReviews has been the leading American consumer reviews website for reviews and ratings of residential solar panels and solar panel installation companies since 2012. With over 30,000 reviews, reaching over 5,000,000 unique visitors each year interested in going solar, SolarReviews is dedicated to ensuring consumers have access to accurate and unbiased information to help them make informed decisions about solar. As SEIA partners, we actively support the campaign to “Defend the ITC.”.
With over 2.5 million unique site visitors per annum, Solar-Estimate.org is the most rigorous free home solar estimator in America today. It was the first web-based solar cost and savings estimator released in the United States, and has remained a free solar estimation tool for consumers.