At 30%, solar panel tax credits are at a high point for now

Americans are increasingly turning to rooftop solar panels to save money on their energy bills, and over the next decade, federal tax credits can help reduce the cost of installing them.

Tax breaks for solar panels aren’t new, but the Inflation Reduction Act, passed last year, expanded and extended them as part of the government’s effort to reduce greenhouse gases that contribute to climate change.

If you buy and install a solar energy system at your home by the end of 2032, you are eligible for a federal tax credit for 30 percent of the cost, including the panels, related equipment, wiring, installation, permits and fees. The credit shrinks to 26 percent in 2033 and 22 percent in 2034. (The solar credit is one of several residential clean energy credits included in the 2022 law.)

Click here to read the full article
Source: The New York Times

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.