Will The Government Pay You Back For Installing Solar?

The solar tax credit, aka the Investment Tax Credit, is a federal tax credit allowing taxpayers to receive up to 30% of the cost of installing a solar energy system back from their federal taxes.

So, let's say you spend $20,000 installing solar panels on your home in 2023 – you'll have to pay that bill on your own. But if you claim the credit at 30% on your 2023 tax return, you will owe $6,000 less on your income taxes, essentially lowering your install cost to $14,000.

While it's not the same as receiving a $6,000 check, it'll reduce or possibly eliminate how much you owe in income taxes for the year (we don't know your situation, please talk to a tax person for that).

And as the law stands, if the amount of taxes you owe for the year is less than the credited amount, you can roll the difference over to the following year.

Sounds pretty great: Saving you money overall while creating an energy-efficient home and reducing your carbon footprint.

Want an estimate for solar roofing on your home? Call us at 804-258-6300 for a complimentary estimate today.