26% Solar Tax Credit


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26% Solar Tax Credit

We are now into May and there are 8 months left to take advantage of the 26% tax credit. The tax credit drops to 22% in 2023 and expires for residental solar in 2024. Commercial solar will have access to a 10% tax credit in 2024. The tax credit is 26% of the cost of your solar system. If your system cost is $30,000 you will qualify for a $7800 tax credit which you will apply to your taxes next year. If you have paid $7800 in federal taxes in 2022 than you will get a refund check for the whole amount. If you have not paid that much in federal taxes than you will get back what you have paid in and the remaining amount will roll over to the next year. If you paid $5000 in federal taxes you will get $5000 refended and the $3000 will roll over to the next year. Your system needs to be operational in 2022 to get the higher tax credit so you will need to start your project at least 2 months before Jan 1. The differnce can be costly. A 10 kw systems tax credit would drop by close to $2000. There is no benifit in waiting, call or request info today and take a look at what solar can do for you. Here comes the sun, is it making you money?


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