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realcool3430
Level 1

Inflation reduction act solar

I'm a retired citizen and my income is almost all social security. If I install solar panels on my house, will I get a 30% tax refund when I file?

1 Best answer

Accepted Solutions
John-H2021
Employee Tax Expert

Inflation reduction act solar

Hello realcool,

The solar credit is a non-refundable credit which means it can reduce your tax liability to $0 but any excess gets carried forward to future years and doesn't get refunded to you

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2 Replies
John-H2021
Employee Tax Expert

Inflation reduction act solar

Hello realcool,

The solar credit is a non-refundable credit which means it can reduce your tax liability to $0 but any excess gets carried forward to future years and doesn't get refunded to you

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
realcool3430
Level 1

Inflation reduction act solar

So not paying any taxes since I'm retired, IRA doesn't help me on the cost for solar installation. Maybe something can be passed in the future to help old people.

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