Federal Tax Incentives
Solar power pays off. Literally.
A home solar system doesn’t just save you money on your month-to-month utility costs. You can also claim a federal tax credit of 30% of qualified expenditures for a U.S. home solar power system. Equipment expenditures are treated as made when the installation is completed. If the installation is at a new home, the “placed-in-service” date is the date of occupancy by the homeowner. Expenditures include labor costs for on-site preparation, assembly or original system installation, and piping or wiring to connect a system to the home. If the federal tax credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year.
Here’s a rundown of available tax credits and benefits for going solar:
- 30% federal tax credit until 2032.
- The home served by the system does not have to be the taxpayer’s principal residence.
- Property tax abatement: 100% of the appraised value of the solar photovoltaic system is exempted from property tax. (Residential net-metered)
Does your home qualify?
We can help you figure it out if you aren’t sure! Give us a call (919) 459-4155