Federal Solar Tax Credit
Did you know the US Federal Government offers a Solar Investment Tax Credit (ITC) for residential solar energy? This credit can be applied to your first or second home, which can include your boat or RV. As long as your boat is registered in the United States and has a head, galley, and bunk aboard, it may qualify for the credit. Recently, the Inflation Reduction Act of 2022 extended the tax credit for an additional 10 years. Don't miss out on this opportunity to save money while using clean energy!
The Inflation Reduction Act has brought back the tax credit in 2022. This credit covers up to 30% of the total system cost of all eligible expenses, including solar panels, charge controllers, inverters, wiring, batteries, parts, and labor. There is no maximum limit for equipment placed in service after 2008. Also, this credit can be claimed retroactively, provided that the solar system was put into service after January 1, 2006.
Who Can Take The Credit?
"You may be able to take the credit if you made energy saving improvements to your home located in the United States. A home is where you lived during the year and can include a house, houseboat, mobile home, cooperative apartment, condominium....the home doesn't have to be your main home."
Consult your accountant or tax advisor to learn more and to verify your qualification for the Solar Investment Tax Credit.
State Solar Tax Credits:
Different states offer their own tax incentives for solar energy, which may also apply if you're considering purchasing a solar panel system for your boat. Depending on the state in which your boat is registered, you may be eligible for additional tax incentives or rebates. The DSIRE website, which stands for Database of State Incentives for Renewables & Efficiency, is a great resource for more information on this topic.