Yes, you will enter the full amount for the solar panels and installation cost to claim the Residential Energy Credit.
The Residential Energy Credit is a non-refundable credit that 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 enter these credits into TurboTax take the following steps:
- Federal
- Deductions and Credits
- I'll Choose what I work on
- Home Energy Credits which is under the "Your Home" category