It depends. Upgrading to a 200 amp service from a 100 amp service might be considered the same as the replacement of panelboards, subpanel boards, branch circuits, and feeders, provided it meets certain criteria.
- According to the IRS, costs of electrical components needed to support residential energy property, including panelboards, sub-panelboards, branch circuits, and feeders, also qualify for the credit if they meet the National Electric Code and have a capacity of 200 amps or more. There is a limit of $600 per item
- The upgrade must be done in conjunction with the installation and use of qualified energy efficiency improvements or qualified energy property, such as a heat pump, heat pump water heater, or central air conditioner
- Credit Amount: You can claim 30% of the project cost, up to a maximum of $600
To claim this credit in TurboTax, follow these steps:
- Open or continue your return in TurboTax.
- Go to the search bar (magnifying glass icon) at the top right of the screen.
- Type "residential energy credit" in the search bar.
- Click the "Jump to" link that appears in the search results.
- On the Energy-Saving Home Improvements screen, answer "Yes" and continue.
- Follow the instructions on the next screen to enter the details of your electrical service upgrade.
- TurboTax will guide to determine if you can claim the credit,
