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 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 30%.
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 You can also EMAIL us with questions. Just click below.
This video is a basic tutorial of how to claim the Federal Tax Credit using the IRS Form 5695, the exact Residential Energy Credits Form from the IRS. If we haven't updated the video yet, it may mention the SITC is 26%.
REMEMBER: IT WENT BACK UP TO 30% THIS YEAR!
Simply click the button below to download the NOTES and/or the button to get the IRS FORM
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