Federal Tax Credit Saves You 30% on Your System
Taxpayers are eligible to get a huge tax credit for a solar system they have installed on their home. The tax credit is 30% of the cost your system.
Look at these examples of how the 30% Federal Tax Credit can save you money.
|Solar System Investment||Federal Tax Credit Amount||Cost after Federal Tax Credit|
A tax credit is a dollar-for-dollar credit against the personal income tax you pay. A tax credit is a dollar-for-dollar reduction in the personal income tax you owe.
The 30% federal tax credit is available for homeowners. The home does not even have to be your primary residence.
How the 30% Credit Works
Suppose the solar system you purchase from Experienced Solar costs $25,000.
When you install your system this year, you are eligible to take a $7500 tax credit against your personal income tax this year.
If you owe $7500 or more in personal income tax, you get your $7500 tax credit this year.
The federal tax credit you get is like getting $7500 off the cost of your solar system! You just have to file your taxes and either pay or get a bigger tax refund.
If your total federal income tax for this year is less than $7500, you can use your tax credit to pay all the income tax you owe for the year. Then you can carry over any amount that’s left. You can use the leftover credit against taxes you owe next year.
Two Easy Steps
Learn exactly what the 30% federal tax credit will mean to you personally in two easy steps.
- Learn from Experienced Solar the initial cost of the solar system for your home.
- Talk to your accountant, or your tax preparer. If you use a program like Turbo Tax, see what that tells you. Get advice on what the 30% Federal Tax Credit will mean to you personally.
Plus, You Can Save Money Every Month on Your Electric Bill!!