Yes. Installing renewable energy equipment on your home can qualify you for Residential Clean Energy credit of up to 30% for equipment placed in service in tax years 2022 through 2032.
The qualified energy-saving equipment covered by the Residential Clean Energy Credit includes:
- solar-powered equipment that generates electricity or heats water
- solar power storage equipment with a capacity of at least 3 kilowatt hours (kWh) is required.
- qualifying installation and labor costs
The tax credit doesn't apply for systems that you lease or for systems that you use to heat a swimming pool or hot tub.
This tax credit is non-refundable. It can offset your income tax liability dollar-for-dollar, but any excess credit won’t be refunded.
However, if the credit exceeds your tax liability for the year, you can deduct the unused portion in future years so long as the credit remains in effect
For more information, please read this TurboTax article: Federal Tax Credit for Residential Solar Energy
Entering Energy Home Improvements:
- Open your return (if not already open).
- Enter "energy improvements" in the Search box.
- Click on "Jump to energy improvements" link.
- Enter "Yes" to the question, "Did you make any energy efficient improvements in 2024 or have a carryforward from 2023?". Click on Continue.
- Enter energy improvements information, and Continue.
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