Information Regarding Solar Tax Credit

Qualifications

If you’re thinking about solar installation, keep in mind that the federal government has a 30% tax credit for the cost of a qualified solar installation (some states also have solar credits or other incentives).  However, the federal credit is non-refundable and can only be used to offset your current tax liability, and any excess carries over to future years as long as the credit still applies in future years.  As of now, the credit is allowed through 2021.  It’s important to know that you may not get all the credit in the first year as you might have been led to believe or assumed based upon some of the TV ads for home solar power. (more…)