The federal solar tax credit is stepping down over the next few years. If you’re a home or business owner you should be thinking about moving quickly to take advantage of the savings the tax credit offers.
Homeowners must have permission to operate their system by their utility company, which is the last step in your solar installation, by December 31 to receive that year’s tax credit.
The IRS states the system must be fully operational, or “placed in service.”
The tax credit drops from 30 percent in 2019 to 26 percent in 2020 and 22 percent in 2021.
Read more about the Federal Solar Tax Credit Phase-down for Residential Solar Energy Systems from the Solar Energy Industries Association here.
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Here is the tax form for you to bring with you when you meet with your accountant or finance professional.