If you’ve decided to invest in a solar energy system for your home to take advantage of federal tax credits, selecting a company can be a daunting task.
In a relatively young industry, there are an increasing number of companies producing solar panels and providing installation services. In a new study, ConsumerAffairs has researched 24 companies and selected six as the best.
Those six companies are:
What sets these companies apart? Shop Solar has one of the highest ratings for customer service. Sunrun earned points for its leasing program. Sunlux has several manufacturing partners. Freedom Solar Power offers a variety of options, including battery storage and ground-mounted systems.
Blue Raven Solar got praise from customers for its installation process. SunPower has one of the highest satisfaction rates for both customer service and installation.
Federal tax credit
The U.S. government allows a hefty tax credit for consumers who install solar energy systems at their homes. In August 2022, Congress passed an extension of the credit, raising it to 30% of costs for the installation of systems purchased and installed between 2022-2032.
According to the U.S. Department of Energy, you might be eligible for this tax credit if you meet the following criteria:
Your solar PV system was installed between January 1, 2017, and December 31, 2034.
The solar PV system is located at a residence of yours in the United States.
You own the solar PV system (i.e., you purchased it with cash or through financing but you are neither leasing the system nor nor paying a solar company to purchase the electricity generated by the system).
Or, you purchased an interest in an off-site community solar project, if the electricity generated is credited against, and does not exceed, your home’s electricity consumption. Notes: the IRS issued a statement (see link above) allowing a particular taxpayer to claim a tax credit for purchasing an interest in an off-site community solar project. However, this document, known as a private letter ruling or PLR, may not be relied on as precedent by other taxpayers. Also, you would not qualify if you only purchase the electricity from a community solar project.
The solar PV system is new or being used for the first time. The credit can only be claimed on the “original installation” of the solar equipment.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-02-16 12:21:42
