Tax Tip #252

Thinking about installing solar panels? Here’s what you need to know about the tax benefits. 

Federal Tax Credit:

• The credit is equal to 30% of the total applicable cost through 2032.
• This credit applies to the primary home and possibly a secondary home.
• Purchasing or financing allows the 30% credit in the year placed in service.
• If leased, you are not eligible for a tax credit.
• The tax credit is nonrefundable, meaning it can reduce your tax liability, but won’t result in a refund. 

On the state level, incentives vary. For a summary of available programs and rebates, click here. 

Questions about solar panels and how the tax benefits can help you? Contact a Goldstein & Loggia team member for more information.