{"id":187,"date":"2017-12-27T15:23:29","date_gmt":"2017-12-27T23:23:29","guid":{"rendered":"http:\/\/www.delsolnrg.com\/?p=187"},"modified":"2023-03-25T08:09:35","modified_gmt":"2023-03-25T15:09:35","slug":"how-to-claim-solar-tax-credit","status":"publish","type":"post","link":"https:\/\/delsolenergy.com\/how-to-claim-solar-tax-credit\/","title":{"rendered":"How to Claim Solar Tax Credit?"},"content":{"rendered":"<h2 data-fontsize=\"22\" data-lineheight=\"33\"><strong>How to Claim Solar Tax Credit: What is the refund about?<\/strong><\/h2>\n<p>The <em>Solar Investment Tax Credit<\/em> (ITC) is a dollar-for-dollar reduction in federal income tax for anyone who purchases solar panels for their home or business. Here at Del Sol Energy we cut through the confusion on how to claim solar tax credit on your next tax filing. The amount credited is equal to 30% of the purchase price of your solar system.<\/p>\n<ul>\n<li><strong>It\u2019s not a Rebate<\/strong>\u00a0or cash refund paid back to you by the State or Utility company.<\/li>\n<li><strong>And it\u2019s not a Tax Deduction<\/strong> (which reduces your total income and thereby decreases your tax bill by a small amount).<\/li>\n<\/ul>\n<p>It\u2019s\u00a0a direct reduction in the dollars that you don\u2019t have to pay the IRS, or that the IRS will refund to you in April if you\u2019ve overpaid.<\/p>\n<p>The <a href=\"https:\/\/www.consumeraffairs.com\/solar-energy\/how-the-federal-solar-tax-credit-works.html#:~:text=The%20solar%20investment%20tax%20credit%20%28ITC%29%2C%20also%20called,a%20solar%20energy%20system%20on%20their%20federal%20taxes.\">Investment Tax Credit<\/a> was set to expire at the end of 2016, but it was extended in December of 2015. It will retain the 30% rate until 2019. In 2020, it will fall to 26% and then down to 22% in 2021, after which it will remain at 10% for commercial solar and drop down to 0% for residential projects.<\/p>\n<h2 data-fontsize=\"22\" data-lineheight=\"33\"><strong>How Does it Work?<\/strong><\/h2>\n<p>This is how it works: Let\u2019s say you purchase a system for $23,000. Take the net cost, which is the price you paid less any other credits, and multiply that by 30%. $23,000 x 0.30 = $6,900. That\u2019s $6,900 that you don\u2019t have to pay the IRS, or that the IRS will refund you in April if you\u2019ve overpaid.<\/p>\n<p>As always, please consult with your tax professional if you\u2019re unsure if you qualify or not. You could mention IRS Form 5965 \u00a0to your CPA or tax adviser.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How to Claim Solar Tax Credit: What is the refund about? The Solar Investment Tax Credit (ITC) is a dollar-for-dollar reduction in federal income tax for anyone who purchases solar panels for their home or business. Here at Del Sol Energy we cut through the confusion on how to claim solar tax credit on your [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Claim Solar Tax Credit? | Del Sol Energy<\/title>\n<meta name=\"description\" content=\"The Solar Investment Tax Credit is a dollar-for-dollar reduction in federal income tax. how to claim solar tax credit can have many answers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/delsolenergy.com\/how-to-claim-solar-tax-credit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Claim Solar Tax Credit? 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