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2013 – 2014 continues the very popular residential Solar Federal Tax Credit first enacted in 2009. The previous solar tax credit program was capped at $2,000. With the new credit, you can claim up to 30% of solar power costs for a new solar electric system off your Federal taxes. Existing homes & new construction qualify. Both principal residences and second homes qualify. Rental properties do not qualify. Tax Rebate Expires: December 31, 2016 The Solar Federal Tax Credit 2013 – 2014 works especially well when coupled with a state rebate program. (CA, CT, NJ, NY)
Also look for city solar incentive programs, that can also save you money on your solar panels. On the tax credit, existing homes & new construction qualify. Both principal residences and second homes qualify. Rentals do not qualify. This 2014 Solar Federal Tax Credit reduces the amount of tax you owe. The credit is a reduction of total income tax at the bottom of your tax return. This tax credit is a non-refundable tax credit. Consult your tax adviser for details about solar power. Use it or lose it!
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Filed under: Alternative Energy, Effort, Energy, Green, Hard, Home, Solar | Tags: Federal Tax Credit, Federal Tax Credit for Energy Efficiency, Solar Energy, Solar Panels, Solar Rebate, Solar tax credit |