Here you can find Solar Panels and technological accessories related to Solar Energy: Click Here If you want to learn about Solar...
Here you can find Solar Panels and technological accessories related to Solar Energy: Click Here
If you want to learn about Solar Panels, to advise you before buying or to build your own Solar Panel: Click Here
in this video I'm going to go over the solar federal tax credit what it is how to get it and what it covers at the end of the video I'll also answer some common questions the cost of solar has been dropping quickly over the years but is still unaffordable to many people unless incentives are involved with this in mind the US government originally created the solar federal tax credit also known as the ITC to help bring down the cost of going solar there's a lot of confusion out there about what exactly the tax credit is and how you get it and what all of the recent changes mean the solar federal tax credit is a dollar for dollar reduction in the amount of federal income tax you owe this means if you owe any federal income tax you can use any money you get from the solar tax credit to pay some of or all of what you owe in taxes the credit was supposed to be 26 percent in 2022 and dropped to 22 percent in 2023 however under the inflation reduction Act passed in 2022 the tax credit was set to 30 percent and will remain there until 2032. in 2033 the tax credit will drop to 26 percent in 2034 it will be 22 percent and in 2035 the tax credit is set to expire this gives people 10 extra years to take advantage of the full 30 tax credit this means you can get a tax credit worth 30 of the cost to go solar this includes the cost of solar panels wires mounting equipment converters labor and any related taxes and permits the exact total cost of these things depends on the amount of solar power you're able to collect and the amount of electricity you use so the cost will change from home to home there's no limit to how much you can get on the tax credit and you can also use it on a battery system you can also get the tax credit if you install the solar system yourself putting it all together if you go solar while the tax credit is at 30 percent and the total cost to purchase and install your solar system was thirty thousand dollars you'll have nine thousand dollars you'll be able to deduct from your federal income tax so let's say you owe six thousand dollars in federal income tax you could pay it all using your solar tax credit and this case you'd still have three thousand dollars left from the tax credit you can roll over this or any extra amount to the following years this better helps to take advantage of the credit if you owe little in taxes each year even if you don't owe any federal income tax you may still be able to get the tax credit the reason is that for most people your employer is collecting federal income tax from your paycheck throughout the year this means you've been paying federal income tax throughout the year so you do have income tax to apply the solar tax credit dollars to this is true no matter how much you owe in taxes or even if you owe nothing at all or owed money all that matters is that you had federal income tax taken from your paycheck already so you will be able to qualify for the tax credit if you meet the tax credit qualifications in order to qualify for the credit you must be installing a solar system at either your primary or secondary residence in the U.S this means you cannot get the solar tax credit on rental properties you own unless you live there for part of the year in that case you'll get a certain percentage of the tax credit based on the percentage of the year you live in the rental property the system will also be purchased outright or through financing options but you won't qualify for their tax credit if you rent or lease your system even if you own your home for these reasons it could be a bit more difficult for renters to qualify for the tax credit but it is still possible if you are unable to use your residence to get the solar tax credit for this or any other reason you may still be able to qualify for Community solar if you're interested check out the resources in the description to learn more you must also be installing a new solar system meaning the tax credit cannot be used on an existing solar system to make sure you qualify speak with your accountant first if you do qualify you'll simply have to fill out a tax credit form for each year that you have money left from the solar tax credit to claim the credit you must file IRS form 5695 as part of your tax return other important things to consider are you cannot get the solar tax credit if your solar system is being used to heat your pool if you went solar in 2022 while the tax credit was only 26 percent you'll still be able to qualify for the full 30 under the tax credit extension the panels do not need to be on your roof a ground mounted system will qualify as well here are some common questions about the tax credit is the tax credit refundable the tax credit is not refundable you won't get any unused balance back as a check in order to use any amount of the credit it must be applied to your federal income tax the solar hot water or solar roof tiles qualify for the credit you can get the solar tax credit for both solar hot water and solar electrics since solar roof tiles are a solar electric technology they do qualify for the credit however if you need a new roof underneath the tiles this is not covered under the federal tax credit some states have additional incentives that you can get in addition to the solar federal tax credit and will sometimes include the cost of a new route not all solar providers are honest about the solar tax credit there are countless stories of solar providers who will mislead you about the solar tax credit and even try and take it from you however there are great providers out there and if you want to be connected to them check out our recommended providers in the description there you'll also be able to get competitive quotes from reliable providers in your area if you'd like to learn more about going solar check out these videos next don't forget to hit the like button and subscribe to this channel also feel free to check out our memberships thank you for watching I'll see you next time ...
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