Federal Tax Credit for Solar Installations
The Federal Tax Credit for Solar Photovoltaics, also known as the Investment Tax Credit (ITC),can be claimed on federal income taxes for a percentage of the cost of a solar photovoltaic (PV) system.
In August of 2022, the ITC increased in amount and its timeline has been extended. Those who install a PV system between 2022 and 2032 will receive a 30% tax credit. That will decrease to 26% for systems installed in 2033 and to 22% for systems installed in 2034. If you’ve already installed a system in 2022, your tax credit has increased from 22% to 30% if you haven’t already claimed it.
Information courtesy of energy.gov, from the Office of Energy Efficiency & Renewable Energy
In August of 2022, the ITC increased in amount and its timeline has been extended. Those who install a PV system between 2022 and 2032 will receive a 30% tax credit. That will decrease to 26% for systems installed in 2033 and to 22% for systems installed in 2034. If you’ve already installed a system in 2022, your tax credit has increased from 22% to 30% if you haven’t already claimed it.
Information courtesy of energy.gov, from the Office of Energy Efficiency & Renewable Energy
- Consult your tax adviser to make sure you qualify
- Restrictions apply, subject to change without notice