- Kaman Kwok Inc.
IRS Incentivizes Solar Energy Use for Personal Taxpayers
In effort to incentivize and promote solar power to American taxpayers, the US government is offering tax credits for solar-powered systems and various energy efficient home improvement upgrades. As long as the improvements have been made on the principal residence, taxpayers are eligible to claim the credits. Principal residences can apply to houses, houseboats, mobile homes, cooperative apartments, condominiums, and manufactured homes that confirm to Federal Manufactured Home Construction and Safety Standards.
At present, rental homes do not qualify for this tax credit.
Installing renewable solar energy equipment in your home can qualify you for a credit of up to 26% between 2020-2022. At present, the residential solar tax credit can be claimed until the end of 2023. If you're thinking about adding solar energy to your home, now might be the right time to act.
We will continue to track this tax credit over time and provide updates if any current provisions are extended or changed. If you have any further questions regarding this tax credit or any others you may be eligible for, contact us today for assistance in determining your eligibility.