30% Federal Tax Credit
If you get solar installed on your home in 2022 or later you are eligible for a 30% federal tax credit. If your solar system is $20,000 then you can get $6000 in a tax credit!
Ex. $20,000 x .30 = $6,000 Tax Credit
How do I claim this tax credit? You claim this when you file your taxes next season or next year. You fill out form 9695 from the IRS you have up to four years to claim the full credit if you don't receive it in the first year. The 30 federal tax credit requires that you have tax liability!
The most common reason that you will not qualify is if you don't pay your federal income taxes or if you live on Social Security. Check out the links below for form 5695 from the IRS, the Inflation Reduction Act, and the Energy.gov site explaining in more Detail.
You have to install your solar project in 2022 in order to file your tax credit next year!
Most solar company install timelines are 1-3 months out before they can get you installed so get the process started soon!
Read up on the Inflation Reduction Act - https://tinyurl.com/quciklinkIRA
The Inflation Reduction Act has a section in there extending the 26% Federal Tax Credit from 26% to 30%
The 26% Federal Tax Credit was set to expire but you now have access to the 30% Federal Tax Credit until 2032
Read up on Energy.gov - https://tinyurl.com/whatschanged20to30
It feels good to read a trusted .gov website
Read up on IRS Form 5695 - https://www.irs.gov/pub/irs-pdf/f5695…
This is the form you fill out when filing your taxes with solar!