Until 2032 the federal tax credit for going solar has risen 4 percent to a thirty-percent level.
Beyond what some companies will try to tell you, the 30% tax credit is considered by the IRS as a Non- refundable tax credit.
A Non-refundable tax credit essentially means that the solar tax credit can not be used to increase your tax refund or to create a tax refund when you wouldn't have already had one.
Your savings cannot exceed the amount of taxes you owe.
This type of tax credit can only reduce a tax LIABILITY to zero. It does not reduce a taxpayers taxable income, instead, it is net directly against any taxes owes ONLY.
The Inflation Reduction Act of 2022 now has rebate incentives of up to $6,500 for converting to solar energy for your home. These are grant programs overseen by each states energy offices.
Requirements are you must cut your energy usage by 35% and have renewed electrical wiring placed in your home, Which is done through the installation of a solar system.
This grant money is not guaranteed, it is first come first served, so you must purchase a system as soon as you can to guarantee fund availability.
Those who make over 150% of the areas median income is not eligible for rebates.
There is currently no immediate cash rebates being offered by any federal, state, or local entities. Any rebates being offered are done so through the individual solar company and not through the factory or third party business.
Most time these "rebates" are added to the total cost of the solar system being purchased and then returned to the customer in the form of a rebate.
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