TULSA, Okla. — If you’ve been thinking about getting solar panels, now might be the time to do it.
There was a change in the law. Now, you only have a few months left to take advantage of the solar tax credit.
Consumer Reports explains what to do right now since you're under a tight deadline.
Many Consumer Reports members say going solar allowed them to lower their electric bills or even bring those bills down to zero. But doing so is a costly investment.
The tax credit helps with the big purchase.
You can save thousands of dollars with the solar tax credit, which applies to things like solar panels for producing electricity or solar heating. The trick is you must buy and install the system before the end of the year. And you can’t lease any of the components.
For example, it costs about $30,000 to install a typical system. The tax credit would reduce that expense to close to $20,000.
There’s no denying that solar is a major investment, and the process for going solar can be pretty involved. That’s why it makes sense to do your research upfront. Check with your city and/or state to see if they have any specific requirements.
How do you find a good solar installer?
- Get at least three bids. Start by looking at companies recommended by your neighbors and make sure they have good online reviews.
- Go local. Find established companies in your area with expertise about the permitting process.
- Avoid door-to-door sales. A consumer caution … All too often they’re not a local company with a brick-and-mortar location. If you’re ever approached by a salesperson, ask plenty of questions to ensure they’re with a reputable company.
Once you find an installer you want to work with, ask them if they can have your system installed and up and running by the end of 2025 to qualify for the credit.
After signing a contract, the installer will generally get the necessary permits, get approval from your utility company, install the panels, schedule inspections, and lastly, get your utility company to connect your panels to the grid by Dec. 31 to ensure you get the credit.
Like the residential solar tax credit, the Energy Efficient Home Improvement Credit also expires on Dec. 31. So, if you were thinking about installing Energy Star certified exterior windows and doors plus upgrading your circuit panels and heat pumps, better get to it.
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