Only a few months left to Claim a Tax Credit for Residential Solar Panels
If you’ve decided that you want to go the Solar Energy route, here are some unique tax advantages to help pay for it.
The 30 percent residential solar credit:
- drops to 26 percent for tax year 2020,
- drops to 22 percent for tax year 2021, and
- terminates in 2022.
Also, unlike the 30 percent commercial solar credit, where you can qualify for the 30 percent tax credit when you commence construction (as defined by the IRS, but easy to do), your 30 percent residential credit is granted when you place the solar property in service.
If you are thinking of the 30 percent tax credit for a solar installation on a residence you own, don’t let the time slip away, because you must have the solar property in use before December 31 to qualify for the 30 percent tax credit.
David Conley
David is a partner at Smith, Conley & Associates, PC. In addition to writing and tax consulting, he is active in the pro-life community serving as President of the Fayette County Right to Life chapter of Georgia Right to Life.
He is also a founding Board Member and Finance Director of the Fayette Pregnancy Resource Center and serves on the Board of the National Equal Rights Institute.
He is also a founding Board Member and Finance Director of the Fayette Pregnancy Resource Center and serves on the Board of the National Equal Rights Institute.
Latest posts by David Conley (see all)
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Deduction rates change for 2020!
- January 2, 2020 - Business Reading List for the Holidays:
Increase your profits by learning the basics of ecomomics
- December 27, 2019
