Federal Solar Tax Credit Decreasing in 2020
As you may know, the government offers a federal tax credit for homeowners who purchase solar panels for their home.
The Federal Solar Tax Credit (also known as the Investment Tax Credit or ITC) will be reduced from 30% to 26% after 2019. Your solar project should be fully installed and paid for in 2019 to claim the current 30% tax credit.
So if you've been thinking about going solar, this is the year to do it! MCCU can help you finance your solar purchase with
affordable loans
that keep your monthly payments low. We can even help you find a licensed contractor.
Plus, when you finance your solar project with MCCU, you are eligible for a one-time loan re-amortization within the first 18 months of funding. For example, if you are getting a tax refund you can apply that to your principal loan balance, which will lower your monthly payment. Your total balance owed will be lowered, but the rate and term will remain the same.