Homeowners may be eligible for a valuable tax credit for solar panels.
said Gerard Papetti, a certified financial planner and certified public accountant with U.S. Financial Services in Fairfield.
Solar PV systems installed in 2020 and 2021 were eligible for a 26% tax credit, he said. In August 2022, Congress passed an extension of theraising it to 30% for the installation of which was between 2022 and 2032, he said. Systems installed on or before December 31, 2019 were also eligible for a 30% tax credit.
“It will decrease to 26% for systems installed in 2033 and to 22% for systems installed in 2034,” he said. “The tax credit expires starting in 2035 unless Congress renews it.”Based on rules put forth by the Energy Department, as long as the installation was completed in 2022 you can claim the credit on your 2022 tax return, Papetti said.
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