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Author Topic: Solar tax credit  (Read 2140 times)

nsadhias

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Solar tax credit
« on: July 11, 2022, 10:39:13 AM »
Solar tax credit  https://www.renogy.com/pages/learn-old/solar-tax-credit-old.html

What is the Federal Solar Tax Credit?
Energy.gov, the Office of Energy Efficiency & Renewable Energy (EERE) website, defines a tax credit. It writes, "A tax credit is a dollar-for-dollar reduction in the amount of income tax you would otherwise owe."
Let's look at a practical example to explain the federal solar tax credit, sometimes called the solar investment tax credit. Suppose you must pay a federal tax of $5,000 in a specific year, but you had a tax credit of $1,000. In that case, you owe the tax authority only $4,000.

Energy.gov defines "the federal residential solar energy credit [as] a tax credit that can be claimed on federal income taxes for a percentage of the cost of a solar photovoltaic (PV) system."

According to Energy.gov, the current solar tax credit came into force in December 2020 when “Congress passed an extension of the ITC, which provides a 26% tax credit for systems installed in 2020-2022, and 22% for systems installed in 2023."

 
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kateronhur

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Re: Solar tax credit
« Reply #1 on: March 16, 2023, 02:33:02 PM »
I didn't know about that, thanks for sharing!
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kateronhur

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Re: Solar tax credit
« Reply #2 on: March 17, 2023, 02:31:20 PM »
Thanks for sharing this info about the Federal Solar Tax Credit. It's good to know about these kinds of things if you're considering going solar.
Does it sound like the tax credit is a pretty sweet deal - a dollar-for-dollar reduction in the amount of income tax you would owe? Sign me up! And it's cool to see that the current solar tax credit has been extended.
If you're looking to get into solar, you might also want to check out some of the resources on check stubs. They've got some great info on how to track your income and deductions, which could be especially helpful if you're taking advantage of the solar tax credit.
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