THE SOLAR TAX CREDIT JUST GOT AN UPDATE, AND IT'S EASIER TO GET THAN EVER

If you're a homeowner looking to get solar panels for your house, you've probably heard you can get a tax credit for doing so.

It's true. Thanks to the Residential Clean Energy Property Credit, if you install your own solar energy system, you can deduct 30% of its total cost from your taxes that year.

It's also known as the "Solar Tax Credit", and the IRS recently released an updated Fact Sheet on it.

It's pretty well-written and tells you everything you need to know about the Credit. We read it at length and listed out seven great benefits for you below:

1. The home you install the panels on can be either your primary or secondary residence (whether you own or rent it);

2. You can claim this Tax Credit for an existing home just as well as for a newly-constructed one;

3. There is absolutely no lifetime limit for the Credit.

4. If you so decide, you can carry forward the Credit's unused amount, so as to reduce tax liability in future tax years;

5. Also, if you need to get any special tiles or shingles (to accommodate the solar panels on your roof), those also qualify for the Credit;

6. All the labor costs for installing the panels will qualify for the Credit; these are things like onsite preparation, assembly, and the installation itself;

7. Lastly, any needed upgrades to your house's wiring can also be included in the Credit.

As we mentioned above, there's even more to learn in the Fact Sheet. There's even information on the Energy Efficient Home Improvement Credit, a 30% tax credit for energy efficiency improvements to your home.

To claim the Residential Clean Energy Credit for yourself when tax season comes around, simply fill out Form 5695 (Residential Energy Credits), and then add it to your typical Form 1040 (U.S. Individual Income Tax Return).

Free Solar Texas' engineering team is comprised of experts in fields like solar energy, battery energy storage, EV charging and home efficiency.

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