The Federal Tax Credit for solar, known as the Investment Tax Credit (ITC), enables you to deduct 26% of the coast of your solar installation from your federal taxes. The credit will remain in place until 2022 at 26%; It will drop to 22% in 2023. Don’t miss out on this opportunity! Now is the time to install solar, with the increased demand for solar costs have dropped.
Homeowners are eligible for the tax credit if…
- you have taxable income
- you own your solar panel system and the property its located at
- your solar system is located at and generating electricity for your primary or secondary residence
It is recommended that you speak with your tax professional before hand to discuss your specific situation.