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Author Topic: Solar tax credit  (Read 350 times)

Offline 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."