How do I claim the 30% Federal Solar credit on a system installed and financed in 2023? I have TurboTax for Home & Business, but only made one loan payment in 2023.

The Home Energy Credit is low because I entered the amount I paid on my loan in 2023. Am I supposed to enter the total amount borrowed? I'm supposed to use this rebate to lower the balance on the loan so my premium doesn't go up in 2025. Do I claim the credit again next year on my loan payments, or all at once this year for the total cost?

8264

Expert Alumni

Mar 27, 2024 6:48:18 AM

You claim the total cost of the system on the tax return for the year that it was installed. So, if the system was installed in 2023, claim the energy credit for the total cost on your 2023 return.

You would not claim the energy credit each year that you are making payments.

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How do I claim the 30% Federal Solar credit on a system installed and financed in 2023? I have TurboTax for Home & Business, but only made one loan payment in 2023.