Solar energy is not just a sustainable solution for the environment but also a smart financial
decision for homeowners. The U.S. government recognizes the importance of promoting
renewable energy sources and offers incentives to those who make the shift. One such incentive
is the Federal Solar Tax Credit. At Enterprise Roofing, we’re committed to helping our clients
understand and benefit from these incentives. Let’s delve into the details.
The Federal Solar Tax Credit: An Overview
The Federal Solar Tax Credit provides homeowners with a significant financial incentive when
they invest in solar-powered products. Specifically, when you install solar-powered skylights or
solar shades, you can avail of a tax credit amounting to a percentage of the total cost of your
project. This includes both the product and its installation.
Products That Qualify
Several products can make your home eligible for the Federal Solar Tax Credit:
Solar-Powered “Fresh Air” Skylights: These skylights not only bring in natural light
but also allow fresh air to circulate in your home. Operating solely on solar power, these
skylights can significantly reduce your energy bills and qualify your home for the tax
credit.
Manual “Fresh Air” Skylight with Factory-Installed Solar Shades: Combining the
benefits of manual skylights with solar shades, these products enhance the energy
efficiency of your home.
Fixed Skylight with Factory-Installed Solar Shades: These skylights, equipped with
solar shades, provide consistent natural light while optimizing temperature control.
Rigid Sun Tunnel with Solar Night Light: A unique product that channels sunlight
during the day and offers a solar-powered night light for the evenings.
Solar Shades: Specifically designed to optimize light control and temperature regulation,
solar shades are a valuable addition to any home.
Claiming Your Tax Credit: A Step-by-Step Guide
- Installation of Eligible Products: Ensure that you purchase and install any of the
qualifying products before December 31, 2032. - Retain All Documentation: After installation, keep all receipts detailing the total amount
paid. Attach these to a completed Manufacturers Certification Statement, which your
installer will provide. It’s essential to retain these documents for your records. - Tax Filing: When filing your taxes, complete the IRS Residential Energy Efficient
Property Tax Credit Form 5695. The tax credit calculated on this form should be entered
onto your IRS Form 1040.
It’s worth noting that while the IRS Notice 2009-41 suggests that taxpayers aren’t required to
attach the certification statement to their tax return, it’s advisable to keep this certification for
your records. As always, for any tax-related queries, it’s best to consult with a tax professional.
The Future of Solar Tax Credits
The Federal Solar Tax Credit schedule is as follows:
2009-2019: 30% federal tax credit
2020-2021: 26% federal tax credit
2022-2032: 30% federal tax credit
2033: 26% federal tax credit
2034: 22% federal tax credit
Enterprise Roofing: Your Partner in Sustainable Solutions
At Enterprise Roofing, we’re more than just roofing contractors in St Augustine FL. We’re
advocates for sustainable living. Our team is dedicated to providing solutions that not only
enhance the aesthetic appeal of your home but also promote energy efficiency and sustainability.
If you’re considering making the shift to solar-powered solutions, we’re here to guide you every
step of the way.