Your Solar Tax Credits
All of our customers qualify for the 30% U.S. federal tax credit (ITC)
How Does The Federal Tax Credit Work?
A tax credit is a dollar-for-dollar reduction in the income taxes that a person or company would otherwise pay the federal government. The ITC is based on the amount of investment in solar property. Both the residential and commercial ITC are equal to 26 percent of the basis that is invested in eligible solar property.
The ITC then steps down according to the following schedule:
Now 30% for the next 10 years!!!!
The ITC then steps down according to the following schedule:
Now 30% for the next 10 years!!!!
NET METERING
Washington offers net-metering for customer-owned renewable energy generation. This means that all solar electricity produced that is not used at time of generation will be fed back to the utility grid, so that your excess power can be used by others. Solar owners don’t have to pay for the power they use and the excess power builds up credits that can be used toward darker winter months. Credits and programs vary based on your local utility.
Federal Tax Credit Instructions
To claim the federal solar tax
credit, you will fill out form 5695 when doing your federal taxes. If you get a system through Brimma Solar you receive a binder manual that includes last years 5695 form and more information on how to claim your tax credit as well as information on your system. Want to see a draft from the IRS now? Click the link below
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