If you are the buyer and assuming the solar loan of the original buyer of the solar system, you are not eligible for the credit. To claim the credit, you must be the original owner of the product, it cannot be used.
The Residential Energy Credit is also a non-refundable credit, however this one can be carried forward to future tax years until this credit goes away which is currently set to happen in 2034
This credit is worth up to 30% of the cost of the equipment, with no maximum limit. The items that fall into this category are as follows:
- Geothermal Heat Pumps
- Small Wind Turbines
- Solar Energy Systems
- Fuel Cells
- Battery Storage Technology
To qualify
- The product must be installed on a home you live in, whether it is your first or second home
- You must have purchased the product new. It cannot be used.
In order to claim the credit you must
- Live in the home you installed the item in
- You can not rent this home to others if you do not also live in the home
- it must be your main home
- It must be in the United States
- You cannot use the property solely for business.
- If you use the home partially for business but less than 20% you can take the full credit.
- If you use the home more than 20% but less than 100% for business, you can take a prorated credit
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