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The solar panel tax credit, also known as the Investment Tax Credit (ITC), is a federal incentive in the United States designed to promote the adoption of solar energy systems.
It’s important to note that the solar tax credit is not a check the automatically comes in the mail when you install a solar system. It is a credit that can lower your federal income tax liability to increase your refund or decrease how much you owe
So, if you installed a $20,000 solar system and it’s deemed operational by a city inspector in 2023, then you can claim a $6,000 tax credit on your 2023 federal income tax return that you file in 2024. If your tax liability is greater than $6,000, you’ll be able to claim the entire credit in one year. If your tax liability is lower than $6,000, you can roll the remaining credit into future tax years.
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