Hello Jshendr2,
Thank you for your question. I am happy to assist you.
The “Inflation Reduction Act of 2022” signed by President Biden on August 16, 2022 provides new tax credits such as clean energy tax credits for homeowners such as yourself. An example is the 10-year extension of the homeowner credit for solar projects such as rooftop solar panels. This tax credit could also be beneficial for people who purchase energy-efficient heat pumps, water heaters and HVAC systems.
Prior to the “Inflation Reduction Act”, the tax credit that you may receive for purchasing residential energy efficient property such as solar panels and solar water heaters that are installed in your home was 26% of your purchase. Under the new law, the tax credit has been increased to 30% provided that you purchase the energy efficient equipment between January 1, 2022 through December 31, 2032.
Please refer to the article by clicking on the link below for more information:
https://blog.turbotax.intuit.com/health-care/inflation-reduction-act-of-2022-52555/
Please let me know if this answers your questions, or if I can be of further assistance.
Thank you!
Shirleyh88
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