How Much Will I Save?
From purchasing through ownership, Solgen connects you to as many opportunities to save as possible.
Your total savings depends on a few key variables. However, your investment in a solar system consistently promotes 2 financial outcomes…
- Reduced Spending on Electricity: By installing solar panels for your home, you give yourself the means to produce the electricity you consume and, thereby, reduce your need to purchase electricity from your local utility company.
- Added Value to Your Home: According to the U.S. Department of Energy, homes equipped with solar power systems sell for a premium of $15,000 for an average system of 5 kW. Also, homes with solar are shown to sell 20% faster than homes without solar.
There are 3 main areas in which you would save money by purchasing your solar system from Solgen.
- Federal Solar Tax Credit
- Solgen’s $0 Down Financing
- Electric Bill Savings
Federal Solar Tax Credit
In August 2022, the federal government increased the federal tax credit for solar power systems on homes and businesses to 30%. This incentive applies to solar power systems installed between 2022 and 2032.
The solar tax credit is a dollar-for-dollar credit against your tax liability that helps you recoup a portion of what you spent on your solar system.
To calculate it…
- Take the total amount you spent on your customized solar power system (let’s use $40,000 as an example). $40,000 = Total Solar Power System Cost
- Multiply that amount by the tax incentive percentage (i.e., 30% or .30). $40,000 X .30 = $12,000 in Potential Tax Credit
- Take the amount of your potential tax credit and reconcile it with the federal tax income you had withheld throughout the year. If that amount is equal to or greater than your calculated potential tax credit, you could qualify for the full tax rebate.
Potential Tax Credit = $12,000
Federal Income Tax Withheld = $15,000
Qualified Tax Credit Amount = $12,000
Customer getting photo taken with their new solar panel
Solgen’s $0 Down Financing
Our financing program is one of the primary ways we differentiate ourselves from other solar power providers. When we say “$0 Down Financing,” we mean $0.
To qualify, applicants must…
- Have approved credit (generally 650 FICO and above)
- Be homeowners
- Have a qualifying debt-to-income ratio
Upon approval, we connect you to our In-Home Financing options or a 3rd party bank that provides loans specifically for solar power systems. This program takes the federal tax credit into account and creates a fixed, flat payment. You can pay off the loan at any time, and there are no prepayment penalties.
CALCULATE SOLAR SAVINGS FOR YOUR HOME
Take our solar quiz to see if your home qualifies in just a few minutes!
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Solgen Power is a solar energy contractor that sells and installs solar for homeowners. Solgen Power has been recognized by INC. 5000 as one of the fastest growing companies in the nation. Solgen Power has grown nationwide and continues to provide excellent customer service to homeowners.
