Great stuff, thank you. I'm meeting with my tax professional today. We are putting in a 24 kWh solar system and dual level heatpump/heat split heating system powered by solar to offset our HUGE yearly bills on our small family farm. Utilities are killing our desposible income.
Correct -- this incentive is through the federal government and can only be claimed on your federal income tax return. Some states have state tax credits (claimed on your state income tax return) and many have property tax exemptions (claimed in various ways). It's definitely worth searching your state, city, and utility provider for local incentives to combine with the 30% federal tax credit!
Great stuff, thank you. I'm meeting with my tax professional today. We are putting in a 24 kWh solar system and dual level heatpump/heat split heating system powered by solar to offset our HUGE yearly bills on our small family farm. Utilities are killing our desposible income.
So….not working but I have royalties which are taxable…will the solar tax be able to be applied towards these?
Good question. I would consult a licensed tax professional regarding your situation!
Ok, so this credit can only be applied to your federal income tax, right? Not to state property taxes?
Correct -- this incentive is through the federal government and can only be claimed on your federal income tax return.
Some states have state tax credits (claimed on your state income tax return) and many have property tax exemptions (claimed in various ways).
It's definitely worth searching your state, city, and utility provider for local incentives to combine with the 30% federal tax credit!