If you’re considering installing a solar roof, we’ve got some valuable news for you: the tax benefits that come with making this eco-friendly and cost-effective choice are getting better and better, as Denver solar contractors will confirm.
First off, let’s talk about the Federal Solar Investment Tax Credit (ITC). When you install a solar roof, you’re eligible for this credit, which can significantly reduce your tax liability. It allows you to deduct a percentage of your solar installation costs from your federal taxes.
Now, onto state incentives, which as a result of Colorado’s rapid expansion and political leaning towards eco-friendly choices, can be quite considerable. The solar Denver Colorado tax benefits can vary to some extent, so it’s crucial to research what’s available and may depend on the type of solar roofing system you want to install.
Next up, property tax exemptions which are also more advantageous for the state of Colorado than almost anywhere else. Here, installing a solar roof won’t lead to an increase in your property taxes. That means you get to enjoy the energy savings without worrying about higher tax bills.
Lastly, don’t forget about solar renewable energy certificates (SRECs). These are generated based on the amount of solar power your roof produces. You can sell SRECs on the market, providing an additional source of income that can help offset your initial investment and help you avoid hefty electric bills at the same time.