The solar energy tax credit will save you 30% of the cost of your solar energy system or other renewable energy systems. So if you have been thinking of going green now is the time.
When and where do you have to install the renewable energy system to be eligible for the tax credit?
The system needs to be "placed in service", meaning that it must be available for use, between January 1, 2006 and December 31, 2016 to qualify.
Both business owners and homeowners are eligible to receive the credit although the rules about which systems are eligible are different for businesses and homes.
The home that the system is installed in must be the homeowner's residence. It can be either a main home or a second home but not a rental property.
How much is the renewable and solar energy tax credit?
You can get 30% of the actual cost of the cost of the system. There was a credit limit on systems installed before January 1 2009, but those limitations have been removed.
Although the credit is not refundable and you cannot get more than your tax liability the unused part of the credit can be carried over from year to year.
Which renewable energy systems are eligible for the solar energy tax credit?
Manufacturers of all the renewable energy systems mentioned above may qualify for an investment credit.
What do you need to do to claim the solar energy tax credit?
This is the information you need the be able to file these forms:
Updated December 30, 2012
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