Get a 30 Percent Tax Credit for Residential Solar Panels

By elitecpas | September 18, 2019 |

Only a few months left to Claim a Tax Credit for Residential Solar Panels

If you’ve decided that you want to go the Solar Energy route, here are some unique tax advantages to help pay for it.

The 30 percent residential solar credit:

drops to 26 percent for tax year 2020,
drops to 22 percent for tax year 2021, and
terminates in 2022.

Also, unlike the 30 percent commercial solar credit, where you can qualify for the 30 percent tax credit when you commence construction (as defined by the IRS, but easy to do), your 30 percent residential credit is granted when you place the solar property in service.

If you are thinking of the 30 percent tax credit for a solar installation on a residence you own, don’t let the time slip away, because you must have the solar property in use before December 31 to qualify for the 30 percent tax credit.