Heat up tax breaks for solar energy — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Heat up tax breaks for solar energy

Get PDF file

by on
in Small Business Tax

Q. Are there any tax breaks for installing solar panels on a personal residence? N.R., Glen Head, N.Y.

A. Yes. Under current law, you can still claim a 30% federal tax credit for installing geothermal heat pumps, small wind turbines and solar energy systems in a principal residence and one other home. The credit is available for expenditures through Dec. 31, 2016. In contrast, the smaller credit of up to $500 for expenditures on energy-efficient air conditioning systems, furnaces, hot water heaters and windows and doors, expired at the end of 2013.

Tip: There is no dollar cap on the 30% credit.

Related Articles...

Leave a Comment

Previous post:

Next post: