20 Sep Go solar to take advantage of federal tax credits before they expire
The federal solar tax credit will be stepping down over the next few years, and home and business owners should move quickly to take advantage of the savings.
For homeowners, this means the system must have passed inspection by December 31 of each year to receive that year’s tax credit. Simply having the panels installed does not qualify the system. The IRS states the system must be fully operational, or “placed in service.”
For commercial projects, the project must have commenced construction by December 31 of the year the credits will be taken and must have passed inspection by January 1, 2024.
The tax credit drops from 30 percent in 2019 to 26 percent in 2020 and 22 percent in 2021.
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