Solar Panels tax rebate in Florida

[Cyndichanou]

I recently installed solar panels on my roof.  I know I have to file form 5695 to receive the rebate.  My question is, will I still receive the rebate if I don't pay very much in taxes because my income is low?

[John-H2021]

Hello Cyndi,

From what you are saying it looks like you will qualify for the solar credit. This credit is not refundable which means it can reduce your tax liability to $0 and anything left is carried to use next year.

[Cyndichanou]

What does that mean that it's not refundable? We won't receive it as a tax return?

Cyndi

[John-H2021]

Correct, the credit can reduce your tax liability to $0 but not below. So any excess credit will be carried forward to the following year. Based on your tax liability and withholding it may increase your refund.

Here is a link with more details https://turbotax.intuit.com/tax-tips/home-ownership/energy-tax-credit-which-home-improvements-qualif...