State solar tax credits are specified amounts of money that can be used to offset against a tax liability. Therefore, the federal Investment Tax Credit (ITC) that applies to solar can be claimed on federal income taxes for 30% of the cost of a solar photovoltaic (PV) system. To receive...
New York’s Solar Tax Credit is a fantastic solar incentive for New York homeowners. The New York State Tax Credit is 25% of your total system cost, capped at $5,000. Unlike the federal Investment Tax Credit, you’ll be able to claim this tax credit regardless of how you choose to...
The Massachusetts Solar Tax Credit is a nice solar incentive for Massachusetts homeowners. The Massachusetts State Tax Credit is 15% of your total system cost, capped at $1,000. Like the Federal Tax Credit, you must purchase your system, either through a cash purchase or a loan, in order...
SRECs, or Solar Renewable Energy Certificates, are solar incentives available in some states. In states with a SREC market, there is a Renewable Portfolio Standard (RPS) that the utilities must meet. Essentially, the utilities have to have a certain amount of their energy production come...
At this point, you know the federal solar tax credit for solar is 30%. It’s important to know that this is a credit, and not a deduction. Here’s how you get your tax credit. When you file your federal taxes in the winter or spring, you’ll file the 5695 IRS form. You’ll claim how much the...
The Solar Investment Tax Credit (ITC) is a government federal tax credit where you can lower the price of your solar energy system by 30%. For example, if the gross system cost of your system is twenty thousand dollars, your tax credit would reduce your PV system cost by thirty percent...
