Thank you for your questions. In regard to your solar panels, if you install solar energy equipment in your residence any time this year through the end of 2032, you are entitled to a nonrefundable credit off your federal income taxes, equal to 30 percent of eligible expenses. There’s no dollar limit on those expenses; you’re entitled to that 30 percent tax break whether you spend $20,000 or more than $100,000 on costs associated with a residential solar system. There is no income limit on the solar tax credit. This is a non-refundable tax credit which means you will not receive a tax refund for the amount of tax credit that exceeds your liability. The means that you need to have a tax liability large enough to claim the entire credit. Any unused credit will rollover year to year if you owe less taxes than the credit.
In terms of "all" credit that you qualify for since I am not familiar with the specifics of your personal tax situation, I will provide you with an overview of Credit and Rebates associated with the The Inflation Reduction Act:
- Energy Efficient Home Improvement Credit (formerly known as nonbusiness energy property credit) extended through 2032
- Reinstituted under former rules through end of 2022: 10% of cost, up to lifetime limit of $500 - so available for purchases made in 2022, but would be advisable to wait until 2023 if not yet purchased
- Starting Jan 1 2023, 30% of purchase price up to category maximums, with $1200 annual limit
- $150 for home energy audits
- $250 for an exterior door ($500 total for all exterior doors)
- $600 for exterior windows and skylights; central air conditioners; electric panels and certain related equipment; natural gas, propane, or oil water heaters; natural gas, propane, or oil furnaces or hot water boilers
- $2,000 for electric or natural gas heat pump water heaters, electric or natural gas heat pumps, and biomass stoves and boilers (for this one category, the $1,200 annual limit may be exceeded).
- After 2024 manufacturers must create a product identification number which taxpayer must include on tax return to claim credit
- Residential Clean Energy Credit (formerly residential energy efficient property credit) extended through 2034
- 30% of cost, claimed in year placed in service (formerly 26% for 2022, 23% in 2023, expiring in 2024)
- solar, wind, geothermal, biomass, or fuel cell power systems, and battery storage tech with a capacity of at least 3 kWh (no longer biomass furnaces or water heaters)
- REBATES Can claim a credit and a rebate for same project, but cannot claim both rebates for same project
- Rebates were enacted as grants which will be administered by state energy offices. Mechanism for states to apply for grants and for consumers to claim rebates has not been implemented yet, and most likely will not be widely available until later in 2023.
- HOMES
- Up to $8K max, 50% of cost for energy reduction via retrofits such as insulation, HVAC etc
- Families under 80% median area income can claim up to $4K for 20% reduction in energy usage and up to $8K for 35% reduction in energy usage
- Families 80 tp 150% median area income can claim up to $4K for 20% reduction in energy usage and up to $8K for 35% reduction in energy usage
- HEEHR (High Efficiency Electric)
- Up to $14K max
- 100% cost if under 80% median income and 50% cost if 80 to 150% of the median income where you live
- $840 for a stove, cooktop, range, oven, or heat pump clothes dryer
- $1,750 for a heat pump water heater
- $8,000 for a heat pump for space heating or cooling
- $1,600 for insulation, air sealing, and ventilation upgrades
- $2,500 for electric wiring upgrades
- $4,000 for an electric load service center upgrade
In terms of whether a specific state offers funding and incentives, this would be state by state, as would be the requirements to qualify for any particular state program. Here is a link that provide Solar Incentives by state for 2022: https://worldpopulationreview.com/state-rankings/solar-incentives-by-state
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