The federal solar tax credit for the purchase and installation costs of residential solar-power systems is back! The Inflation Reduction Act signed into law by President Biden on August 16, 2022 provides new guidelines as well. This includes allowing batteries to also qualify for the credit. What is the Solar Tax Credit? The solar tax …
Qualifying Property
Solar Tax Credit Extended for Two Years
The solar tax credit extension is great news for homeowners looking to use green power. Now, the federal tax credit for the purchase and installation costs of a residential solar system has been extended through 2023. The credit for 2021 and 2022 is 26% of the cost of the solar installation. This credit drops to …
The Solar Tax Credit Is Fading Fast
Sadly, the solar tax credit is sunsetting soon. This federal tax credit was for the purchase and installation costs of a residential solar system. It started as 30% of the cost for several years through 2019. Then the credit dropped to 26% of the cost in 2020. The tax credit will be over in 2021, …
The Home Energy Saving Tax Credit Is Back
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions. These tax provisions included laws that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will …
