Home energy expert reveals game-changing financial advice that could save you thousands on solar panels: 'You can still cash in on ... incentives!'

With tax season upon us, there is much uncertainty about the incentives for installing rooftop solar panels, especially for those who don't owe taxes. 

A financial expert shared the exciting news that those sweet incentives can carry over. 

View this post on Instagram

A post shared by EnergySage (@energysage_official)

The scoop

As EnergySage's clip featuring Alix Langone explains, incentives for installing solar panels are facing an uncertain future amid the current administration's pause on funding the Inflation Reduction Act. 

But as the video's caption observed, "You can still cash in on solar tax incentives!"

While you still need to file for the tax credit the year you go solar, let's say 2024, and claim the credit on that year's taxes, you can roll over the credit to 2025's filing and beyond when you do owe taxes. In fact, you can keep rolling it over for several years until 2034. 

How it's helping

Solar power is a clean, renewable energy source, and it's also super cheap, so it offers something for everyone. For the environmentally mindful, it helps reduce harmful pollution and dependency on dirty fuels. 

For the frugal, it can lead to huge savings on their bills, which amount to tens of thousands over the panels' lifetime. They're also a boon to the local economy, with Texas one of the most enthusiastic solar states in the union. 

Better yet, solar equipment will only become more affordable over time, so it's little wonder that an increasing number of Americans across the political spectrum are interested in installing rooftop solar panels. The main obstacle to more widespread adoption is the initial cost, which the federal tax incentives help with.  

Along with this helpful explanation, EnergySage also offers some useful tools for getting started with solar energy. 

What everyone's saying

The topic of rolling over tax credits often comes up on social media. For example, a Redditor on r/solar asked, "Do I claim it for $0 rebate and roll 100% over to next year? Is that allowed?"

What is stopping you from upgrading to a heat pump system? The cost of installation 💵 I live in a cold area 🥶 I don't know enough about it 🤷 I already have one 😎 Click your choice to see results and speak your mind.

One commenter responded, "The tax credit can be rolled over for several years — in full or any unused portion of it."

On a different but related thread, a commenter expressed optimism that the incentives would stay in place: "The tax credit IMO is not going anywhere. The Inflation Reduction Act had overwhelming bipartisan support and is favored by the banking industry pretty heavily. If it goes away I'll eat my shoe."

Given the huge savings and popularity of the incentives, hopefully, moccasin macaroons won't be on that Redditor's menu anytime soon. 

Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.