Federal Solar Income Tax Credit (ITC)
How much can I save with the federal solar tax credit?
- If eligible, you should receive a solar tax credit equal to 30% of the total solar project cost.
- You must owe federal taxes to claim the credit. However, unused credits can carry forward to future tax years.
- You must own or be financing the system to be eligible for the credit. Leases are not eligible for the tax incentive.
- Both new and upgrades to existing systems may qualify for the ITC.
What is the Solar Tax Credit (ITC)?
The federal solar tax credit, officially known as the Investment Tax Credit (ITC), allows Businesses to deduct a percentage of their solar installation costs from their federal taxes. This credit remains at 30% of the total system cost until mid 2026. This significant savings reduces the upfront cost of solar and increases the overall return on investment. Even if you don’t use the full credit in one year, it rolls over to future years!
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