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robinjoyc
Level 1

Federal Solar tax credit

Hi, I installed solar panels in 2016.  I have been getting the credit in my NY state taxes but up until right now I was not aware that there was a credit for Federal.  Is this new?  And, could I start claiming the cost now?  I have a lease agreement - no upfront cost, just the monthly payment.

 

Thanks!

Robin

1 Best answer

Accepted Solutions
AmeliesUncle
Level 11

Federal Solar tax credit

The Federal credit is only for solar equipment that you purchased.  It does not apply if you are leasing it.

View solution in original post

2 Replies
AmeliesUncle
Level 11

Federal Solar tax credit

The Federal credit is only for solar equipment that you purchased.  It does not apply if you are leasing it.

View solution in original post

robinjoyc
Level 1

Federal Solar tax credit

Thank you... Wondering if I now buy-out my lease, could I then deduct this expense on next year's Federal return? (given the laws don't change) 

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