This is a one-time federal tax credit that can be taken in parts over a few years if it is too large to obtain at once. The credit is based on the cost of the solar system at a percentage determined by the year purchased. The SITC was scheduled to be 22% this year and it would have been the the last purchase year available. The one good thing that COVID-19 has done for Americans who own solar is that it increased and extended the SITC to 26%.
We are not accountants, nor do we claim to be. We ARE able to answer general questions and point you to one of our associated accountants if necessary.
Unfortunately, too many accountants don’t understand the solar tax paperwork. If you purchased/financed solar and it is installed then YOU QUALIFY FOR A FEDERAL TAX CREDIT of potentially TENS of THOUSANDS OF $$! Check out our FREE, downloadable, guide below where I show you how. Please feel free to call our NEW JERSEY OFFICE or our SOUTH CAROLINA OFFICE. You can also EMAIL us with questions. Just click the appropriate button.
**Below is a PICTURE of the IRS PDF doc. Perfect to use in your estimates or when giving your info to an accountant as information. Please DO NOT upload or mail this to the IRS as they accept the pdf form only. This is the Download.
**Below is a PICTURE of the IRS PDF doc. Perfect to use in any form or fashion since this does not get transmitted to the IRS. This is the download.
New Jersey will pay you money for how much solar your panels make for 15 years! The name of the NJ program that pays you money is called the Transitional Renewable Energy Credit or TREC. Please click the link to learn more.
South Carolina will give you additional money. They offer a state tax credit that is very similar to the federal SITC with a few more rules is currently would credit new solar owners 25%. Click here for the South Carolina Solar Tax Credit.
But Wait…THERE’S MORE!!! Certain South Carolina utilities have paid their solar customers also. The payments are similar to the way the state of NJ has their TRECs but different utilities have different policies. Please call or email us with the name of your utility to get more information by clicking the button below.
