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Tax Credit

Tax Credit

You can receive a 30% tax credit on wind and solar energy including what it costs for supplies to install the system. Keep all receipts for any wind generators, solar panels, and supplies needed to install them. Fill out Form 5695 when you file your taxes. When you file your taxes for the year in which you purchased these items add up the total and enter it on Form 5695 with your taxes to receive a 30% credit on your taxes. For now the government plans to have this credit available through the year 2016.

Quoted from the IRS website.

http://www.irs.gov/uac/Newsroom/Get-Credit-for-Making-Your-Home-Energy-Efficient

Residential Energy Efficient Property Credit

  • This tax credit is 30 percent of the cost of alternative energy equipment that you installed on or in your home.
  • Qualified equipment includes solar hot water heaters, solar electric equipment and wind turbines.
  • There is no limit on the amount of credit available for most types of property. If your credit is more than the tax you owe, you can carry forward the unused portion of this credit to next year’s tax return.
  • You must install qualifying equipment in connection with your home located in the United States. It does not have to be your main home.
  • The credit is available through 2016