We upgraded our Electrical/Breaker Panel to 200 Amp Service in 2022, In Wisconsin, around the time that the Inflation Reduction Act was signed.
At the time it was announced there would be up to $4000 in rebates for upgrading electrical service but no guidance was available on how to claim that yet.
I'd like to know if I can claim that upgrade on either our 2023 taxes or retroactively claim them on our 2022 taxes.
There is no tax benefit for work performed in 2022.
You claim any energy improvement credits in the year the property was placed in service (when it was installed), regardless of when it was paid for. There was no electrical panel upgrade credit in 2022. Even though the law was passed in the middle of 2022, that provision did not take effect until 1/1/23.
Also, even if you did the work in 2023, the credit is only available if the reason you did the upgrade was it was necessary to install some other energy efficiency improvement that qualifies for a credit (such as a heat pump water heater or solar panels).