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Heat up tax breaks for solar energy

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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.

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