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Post Info TOPIC: Going Solar & Saving Tremendously Through Solar Investment Tax Credit


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Going Solar & Saving Tremendously Through Solar Investment Tax Credit
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What is Solar Investment Tax Credit?

 

As per Department of Energy, you can deduct 30% of the cost of the new solar rooftop system, against your income while filing the yearly income tax return. Most of the expenses of the project qualify for the credit, including gears like solar panels, wiring, rooftop mounting hardware, solar inverter system and even the labour, like any pre-install preparation that may be required to assemble and wire the system.

 

Claiming Federal Solar Investment Tax Credit

 

For claiming the federal solar investment tax credit, you will have to ensure that you claim the credit in the right tax year. As per the law, you can only claim the credit in the year, your system is active and ready to use. If your home is newly built and includes a solar power system, you will have to make your claim in the year you moved in.

 

You should complete Form 5695 while preparing your return. This form includes the details of your total qualifying expenses and helps calculate your credit for the current tax year. The good part is that if your total deduction is more than you owe, you can carry over the excess amount to the next tax year.

 

Cost Estimate of a Residential Solar System

 

For the cost estimate of your system, you can contact your local solar installer or can use the publicly available figures starting with the typical American home’s energy use. According to Energy Information Administration, an average U.S. household uses about 30 kWh a day. Let’s assume you want to get all your power from solar panels, then you will have to determine the average number of hours your home receives sunlight in a day. To figure out the right size of system, you can divide your daily usage in kilowatt hours by the number of sunshine hours.

 

For instance, a home receives an average of 5 hours of sunlight in a day and hence requires a 6 kW system. Using the above calculation, a typical 6 kW system would cost an estimated $22,140. However, with a 30% tax credit, the homeowner would effectively pay $15,498.

 

Check with your state government, utility company or solar installer for more details on programs and credits in your area.

 

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