SunHarvest Solar
  • Home
  • About
  • Products
    • Solar Panels
    • Solar Inverters
    • Batteries
    • Monitoring
    • Other Products
  • Learn More
    • Gallery
    • Videos
    • How Solar Works
  • Blog
  • News/Press
  • Contact Us

Tax Season Tips: What to Know about the Solar Tax Credit

3/8/2019

1 Comment

 
Picture
It’s tax season again, and this year it PAYS to go solar!

We all know solar can save you money on your energy bills, but there are a few ways to save even more when you make the switch. Rebates, tax credits, and deductions provide extra benefits on top of all the other savings a solar system. If you're considering solar for your home or business, don’t miss out on the federal Solar Investment Tax credit (ITC).
​

If you installed a solar energy system in 2018, follow the tips below to claim the ITC. This federal tax credit is a great way to get extra savings out of your solar panels. The ITC lets home and business owners subtract 30 percent of the cost of installing their solar energy system from their federal taxes. 
​
If you didn’t go solar this year, be sure to act fast to take full advantage of this credit! You must install your system by December 31, 2019 to receive the full 30 percent credit on next year’s taxes.

STEP BY STEP GUIDE:
​

To claim the 30% solar tax credit, you simply complete a Form 5695 and add the results of this to your main tax return for the year in which the solar panel installation is completed. Form 5695 calculates tax credits for a variety of qualified residential energy improvements.
​
Form 5695 Instructions: 3 steps to claim the solar tax credit
  1. Make sure you qualify for the ITC before filling out the form. As long as you own the system on your commercial or residential property, you should qualify. The credit does not apply to those who lease their system.
  2. Complete IRS Form 5965 to validate your qualification for renewable energy credits.
    1.  Your qualified solar electric property costs will go in Line 1.
    2. Insert any additional energy eligible additions on Line 2 through Line 4. 
    3. Add all costs up and insert total to Line 5.
    4. Multiply Line 5 by 30 percent to get the total for your Investment Tax Credit.
  3. Add your renewable energy credit information to your typical form 1040.

Contact your tax expert with any questions or for any other tax-related issues. Information can be obtained from your solar provider if you don’t already know the cost of the panels after all rebates have been deducted.

The ITC was implemented in 2005 and has been a successful tax policy that is helping to create a powerful solar energy industry. If you are interested in installing your solar system this year to take full advantage of the ITC, contact SunHarvest Solar today and start saving tomorrow!

Learn more about the Solar Tax Credit and other exemptions available to Arizona residents.
1 Comment
Tara F link
4/5/2021 07:02:32 am

Great read thank youu

Reply



Leave a Reply.

    Get our newsletter
    Picture

    Archives

    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    January 2017
    December 2016
    November 2016
    September 2016
    August 2016
    June 2016

    Categories

    All
    About Us
    APS
    Arizona
    Arizona Corporation Commission
    Clean Energy
    Energy Efficiency
    Legislature
    Myths And Facts
    Net Metering
    Pests
    Pigeons
    Renewable Solutions
    Resources
    Roofing
    Solar
    Solar Batteries
    Solar Investment Tax Credit
    Solar Monitoring
    Solar Panel Maintenance
    SRP
    Sustainability
    Tax Exemptions
    Tips
    Trees
    Video

    RSS Feed

Picture
Picture
Picture
Picture
Picture
Picture
Picture
SunHarvest Solar
(623) 755-8323

3111 North Central Avenue, #A101
Phoenix, AZ 85012



All Rights Reserved 2013-2020
Solar PV Electricity for Residential & Commercial
CR-11 AZ ROC 262714
Picture
We try to source products locally whenever possible.
Photo used under Creative Commons from tillwe
  • Home
  • About
  • Products
    • Solar Panels
    • Solar Inverters
    • Batteries
    • Monitoring
    • Other Products
  • Learn More
    • Gallery
    • Videos
    • How Solar Works
  • Blog
  • News/Press
  • Contact Us