Federal Government Solar Panel Rebate

If say your federal taxes are 6 000 for 2020 and you re eligible for a 7 000 tax credit for installing a solar system at your house you can claim the leftover 1 000 as a credit toward your.

Federal government solar panel rebate.

The federal government is gradually going to phase out the solar tax credit. By 2022 residential solar systems won t be eligible for this credit at all. By 2020 it ll be worth 26 then 22 in 2021. If you install solar panels before the end of 2020 you will receive a tax credit that is equal to 26 percent of the cost of your solar installation.

Updated june 30 2020. The federal solar tax credit also known as the solar investment tax credit or itc is the single most important solar incentive available in the united states. It will remain at 30 for residential consumers until the end of 2019 so you re running out of time to take advantage of the full credit. The solar rebate which entitles households and small businesses to large subsidies when purchasing and installing solar pv systems will lower come january 1 st meaning customers buying solar pv systems from this date forward will not be entitled to as large of a rebate as what is available now.

Both homeowners and businesses qualify for a federal tax credit equal to 26 percent of the cost of their solar panel system minus any cash rebates.