Nov 18, 2019   SOURCE: PR NewsWire

The IRS Creates a Method to Freeze the 30% Investment Tax Credit (ITC)

WASHINGTON, Nov. 18, 2019 /PRNewswire/ -- In 2018 the IRS created a legal method to freeze the 30% Investment Tax Credit (ITC) for projects completing in 2020 or beyond, referred to as "SAFE HARBOR" test, grants 48-months to begin construction, and within those 4-years complete and put the project into service.

The IRS Safe Harbor mandates (1) a deposit of 5% (or more) must be placed against the Solar Energy Property by December 31, 2019 to secure your 2019 Investment Tax Credit of 30% and (2) thereafter the taxpayer needs to continually move forward towards completing the installation.

"Beginning January 1, 2020, the ITC drops to 26%. This reduction of 4% creates a mathematical no-brainer for anyone looking to install solar property on their rooftop over the next few years," says Carmen Bellavia, CEO of 3 IN 1 ROOF, "because the Safe Harbor minimum deposit of 5% virtually is paid for by this IRS tax credit with the exception of 1%."

For example, if within this year the solar property estimated on a taxpayer's roof is $50,000.00 then the deposit equals $2,500.00 with a net balance of $32,500.00 after the 30% ITC. However next year if considering the same $50,000.00 system with the same mandatory deposit amount, the net balance is $34,500.00 after the 26% ITC.

"So why wouldn't every taxpayer allow the Federal government to subsidize the ITC $2,000.00 tab? Again, it almost entirely pays for the 5% deposit when a taxpayer acts in 2019, instead of 2020," says Bellavia.

3 IN 1 ROOF recommends buyers watch out for misleading statements made by roofing contractors when solar panels are installed simultaneously with new or replacement roof!

Here are some Facts:

    1. Traditional and nontraditional solar panels are mounted / attached
       directly-to (or) on-top-of (or) in-between (or) among conventional
       roofing materials.
    2. Such solar property is considered independent from conventional roofing
       material.
    3. Any/all conventional roofing material installation costs are NOT subject
       to an ITC.
    4. A taxpayer will be audited, fined and responsible for the over-gain if it
       is issued.

However, truly integrated solar roofing (with UL 1703 certification) creates an installed system whereby the solar is dependent on all system accessories, because the solar array must be installed along with their identical matching non-solar roofing materials, providing adjoining parts of the system are like manufactured and rely on each other to complete the entire rooftop. Therefore, any truly integrated solar components along with the entire roof system are granted the ITC.

Currently the market bears only two UL 1703 certified, truly integrated solar roofing products eligible for the ITC on the entire system installation, Luma Solar and the 3 IN 1 ROOF.

As of yesterday, the 3 IN 1 ROOF Corporation unveiled their Safe Harbor Strategic Plan allowing project developers, financers and homeowners to lock-in the 30% ITC rate for their solar installations with just the 5% Safe Harbor Deposit. The 3 IN 1 ROOF is arguably the only solar roof that avoids all risks from project or technology changes since acquiring UL / ULC 1703 certification and by embracing only solar components that will not lose value or become barriers to additional electronic selections when projects are ready to proceed. Plus the 3 IN 1 ROOF offers an optional Lifetime Warrantee coupled with High Velocity Hurricane Zone (HVHZ) and Florida product approval lending unmatched safety standards for the end-user in comparison to the competition.

Contact:
Carmen Bellavia
833-3N1-ROOF
229415@email4pr.com

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SOURCE 3 IN 1 ROOF