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New Member
posted Jan 21, 2022 10:42:00 PM

I have installed a solar panel for my primary home this year. I own the solar but finance it which cost me $33648.00. how much credit I will get ? what form I fill out?

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3 Replies
Level 15
Jan 22, 2022 4:32:04 AM

You are asking from TT Live, for which you paid extra. Please contact a rep.
https://ttlc.intuit.com/questions/4124827-how-do-i-connect-with-a-tax-expert-in-turbotax-live

 

The Residential Energy Efficient Credit is "non-refundable."  That means the credit cannot exceed the amount of tax you owe.  What you cannot use this year carries forward. 

 

To claim the solar credit, please follow these steps:

  • In TurboTax, open your tax return
  • Click on Federal in the left-hand column, then on Deductions & Credits on top of the screen
  • Scroll down to All Tax breaks, locate the section Your Home and click on Show more
  • Click Start next to Home Energy Credits (see screenshot)
  • Follow the interview to enter your information.

 

Also, here’s the federal solar tax credit’s value :

  • 2018: 30%
  • 2019: 30%
  • 2020: 26%
  • 2021: 26%
  • 2022: 26%

Here are some examples of what you can claim:

  • Solar Products
  • Permitting Services and Fees
  • Installation Costs
  • Engineer Fees
  • Electrician Fees
  • Shipping Costs
  • Solar Consulting Fees
  • Tools Purchased or Rented
  • General Equipment Costs (Fork-list, Safety Harnesses, etc.)
  • Any Miscellaneous Costs and Fees (For Solar)

This guide covers it in-depth

 

Level 15
Jan 22, 2022 7:06:03 AM

Comment removed...all updated now.

Level 15
Jan 22, 2022 7:13:33 AM

Installing solar panels earns you a federal tax credit. That means you'll get a credit for your income taxes that actually lowers your tax bill. ... In 2021, the ITC will provide a 26% tax credit for systems installed between 2020 and 2022, and 22% for systems installed in 2023.