What Kind Of Expenses Can You Claim With The Federal Solar Tax Credit

Did you know that the federal solar tax credit is now available for a few more years? As mentioned in the last blog post about the best Tampa Bay area solar panel suppliers, if you install solar panels to your home in 2019, you will still be able to claim a 30 percent tax credit. That’s a credit … not a deduction. So, it’s a significant amount of money to offset your solar power project costs. After 2019, the credit reduces in percentage each year.

When you’re having your solar panels installed or installing them yourself, save all receipts. Now, you can’t pay yourself for the labor cost if you install the panels yourself, but you can claim almost everything else. Here’s a list of the expenses that you can claim under the Federal Solar Investment Tax Credit (ITC).

Expenses You Can Claim For The Federal Solar Investment Tax Credit (ITC)

You can claim the following expenses provided you actually are purchasing and own the solar array.

  • Electrician fees
  • Engineer fees
  • Installation expenses
  • Solar equipment
  • Consulting fees
  • Shipping costs
  • Tools that you purchased or rented for your DIY solar array installation
  • Wiring
  • Screws, nails, bolts, fasteners, etc.
  • Permit costs
  • Permit service fees
  • Hiring a contractor
  • Equipment rental

Remember, this tax credit only applies if you actually own your solar energy system. Also, if you don’t have enough tax liability to claim you full credit amount, that’s OK. You can always roll the remaining amount into future years provided the credit is available those years. If you are leasing solar panels or go the PPA route, you don’t own the system. If you don’t actually own the system, you can’t claim the tax credit!

Solar Renewable Energy Credits (SRECs) For Florida

You may have heard of Solar Renewable Energy Credits (SRECs). These state credits are offered only in some states. The states that offer them have passed a renewable portfolio standard (RPS) and the SRECs are in place to help meet those standards. Florida, at this time, doesn’t have a RPS and consequently doesn’t offer SRECs.


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