30% Solar Energy Tax Credit! | Ask a CPA

Today’s question comes from Mark in Denton, Texas:

“I’m thinking about installing solar panels on my home. Are there tax deductions or credits

for these expenses?”

President Biden's Inflation Reduction Act increased the solar tax credit to 30% of qualified expenses for tax years 2022 – 2032, making consumer solar panel and storage battery installation much more attractive. Rising energy costs and overall economic inflation were the driving factors to extend the life of the solar tax credit.

In today’s article, we will be addressing the following topics related to the solar tax credit: - Who qualifies for the tax credit?

- What expenses are qualified for the credit?

- How to calculate the solar tax credit?

- When do you apply for the tax credit?

If you have a question, please head over to our website http://www.askacpa.co and leave a question for us.

Thanks for watching!