Credit for approved solar installations

 

Tax Credit: 30% of expenditures (including equipment and installation costs) with no upper limit.

 

Details: Existing homes and new construction qualify. Both principal residences and second homes qualify. Rental homes do not qualify.

 

Filing requirements for solar credit

 

To claim the credit, you must file IRS Form 5695 to report your expenses. If the federal tax credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year. The excess credit may be carried forward until 2021, but it is unclear whether the unused tax credit can be carried forward after then.

 

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