Inflation reduction act solar

[realcool3430]

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?

[John-H2021 · Accepted solution]

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

[realcool3430]

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.