2022 Solar or Solar+Storage Federal Tax Credit
If you installed solar in 2022, don’t forget to file for the Residential Energy Efficiency Tax Credit, using Form 5695. It’s quite simple and it’s usually valued at several thousand dollars, so it’s well worth your time. This tax credit is also known as the “solar tax credit” but it also applies toward energy storage like a Tesla PowerWall and Enphase Ensemble battery systems. The tax credit is equal to 30% of the entire cost of your solar PV and energy storage installation – including materials, labor, permits and any related electrical or structural work* required to hold the solar (like a new carport, a ground mount system, etc…)
*Re-roofing does not qualify for the tax credit.
April 15th is the traditional due date for submitting tax information each year.
You can download form 5695 or learn more about Residential Energy Credits on the IRS website.
A reminder that the tax credit level was reset to 30% as part of the Inflation Reduction Act, so some of our customers who were expecting a 26%, are getting a little more money back than they thought!
Another resource to learn more is available at the US Department of Energy’s webpage – https://www.energy.gov/eere/solar/homeowners-guide-federal-tax-credit-solar-photovoltaics
2022 EV Charging Station Federal Tax Credit
If you installed an EV Charging Station in 2022, you may be eligible for a 30% Federal Tax Credit. The IRS form is 8911 and you can learn more about this credit on the IRS website. It covers 30% of the costs with a maximum $1,000 credit for residents and $30,000 federal tax credit for commercial installs.