NAMASTE SOLAR BLOG

THE ESSENTIAL HOME SOLAR
BUYING GUIDE


Save time, save money and demystify home solar.

THE ESSENTIAL COMMERCIAL SOLAR
BUYING GUIDE


Your guide to a smart investment.

We’re Sold Out for 2022! (plus what you need to know about the solar tax credit)


Namaste Solar is officially sold out for home installations in 2022 and we’re now quoting systems for 2023 install dates. We saw unprecedented demand this year and are so excited to be serving so many Colorado families. Thank you for choosing us as your local solar installer!

The Federal Tax Credit

One of the drivers for the high demand this year was the investment tax credit (ITC) for solar. The ITC, also known as the federal solar tax credit, was first enacted in 2005 for both residential and commercial solar installations. This credit has helped spur the growth of solar installations and increase the affordability of solar as the industry matured. Congress has extended the credit multiple times, but it is currently set to expire soon.

Right now, in 2022, the tax credit for new residential and commercial solar installations is 26% of the cost of the system. This will drop to 22% in 2023. Then, in 2024, the tax credit is set to expire for residential systems while commercial systems will still be able to deduct 10% of the cost.

How to Qualify for the Tax Credit

It is important to note that only new systems are eligible for the credit, and for home solar, the system must be installed and “placed in service” during the tax year. If you have paid for the system but it has not been installed, you will not be eligible to claim the credit.

Additionally, you must own the system either through a cash purchase or financing; if you are leasing a system, then you are not the owner and will not qualify. You can read more about the requirements and how to claim the tax credit at energy.gov.

The guidelines for homeowners are clear that you need to have the system installed and placed in service by the end of the 2022 to be eligible for the 26% ITC. Commercial entities, however, can secure this year’s higher tax credit by safe harboring their project. Learn more about safe harboring and how our team can help you maximize your ROI with commercial solar with this blog post.

Solar in 2023

If you are thinking about solar for your home, don’t wait too long to start the conversation. The year 2023 is going to be huge for solar as it will be the last year for homeowners to utilize the ITC. Namaste Solar has seen the demand for solar steadily increase over the years (we sold out for this year in July!), and we expect next year will have even higher demand.

We are currently quoting for 2023 installations dates. Ready to see what solar could look like for your home and how much you could save by owning your power? Reach out to get a no-pressure quote!

Help Extend the ITC

Since being put into place, the ITC has helped increase renewable energy adoption across the country while also creating hundreds of thousands of well-paying jobs. If you want to help support the solar industry, please consider contacting your members of congress to encourage a long-term extension. Find their contact information here and send them a message or give them a call!

Thanks for Making Us Your Top Local Solar Installer

Thank you to all our customers over the years who have chosen us to be your local solar installer. We are proud of the 17 years we’ve been serving Colorado and the thousands of solar installations we’ve put in place. When we sold out for the year in July we saw it as a testament to the demand for solar energy as well as the support for the transformative business practices of Namaste Solar. We wouldn’t be here without everyone who has supported us along the way – thank you!

 

 

Recommended Reading