What are the tax incentives for solar energy?

What are the tax incentives for solar energy?

There are several tax incentives available for solar energy, including the federal solar tax credit, which allows you to deduct a percentage of the cost of installing a solar energy system from your federal taxes.

How much is the federal solar tax credit?

As of 2023, the federal solar tax credit is 30% of the total installation cost of your solar system.

Are there any state-specific incentives?

Yes, many states offer additional incentives such as rebates, tax credits, and grants. It's best to check your state's energy office for specific programs.

What if I don't owe any taxes?

If you don't owe any taxes, you can carry forward the solar tax credit to future years, allowing you to benefit from it when you do owe taxes.

Can businesses also take advantage of these incentives?

Absolutely! Businesses can also benefit from the federal solar tax credit and may have access to additional incentives tailored for commercial installations.