Yes, you can claim the cost of a solar power system installed in your home. The fact that you took out a loan doesn't keep you from getting the credit for that.
You claim the full cost of the panels and installation in the year they are installed.
Here is how to do that in TurboTax Online:
- Open your return.
- Select Deductions & Credits, then select Start or Edit to the right of Home Energy Credits.
- Answer the questions on the next few screens according to your situation.
- Enter your costs in the box next to Solar Electric costs. If you have any questions about what to include, select Learn More on the screen for extra help.
- Continue through the remaining questions in the section.
The interest that you pay on the loan is probably not deductible, unless it is secured by your home. That is what the earlier discussion is about.
If you have more questions about the interest, please reply with more details about whether your loan is secured by your home.
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