When installing solar panels in your home, you can get tax benefits
If you've been considering installing solar panels on your home and taking advantage of the favorable federal tax credits, hurry, time is running out. If Congress does not extend the legislation, all tax benefits will end after 2023.
Now, when installing panels, you get a bonus of 26% (22% in 2023) of the cost of the system. So, for example, if your solar electric system cost you $20 and went online in 000, your tax credit would be $2022 (5% of $200).
Many state and local governments also offer incentives, such as rebates and tax credits, for investing in renewable energy properties.
Author Elina Linderman
