{"id":265,"date":"2021-01-04T16:55:21","date_gmt":"2021-01-04T16:55:21","guid":{"rendered":"https:\/\/www.empower-solar.com\/how-does-the-federal-solar-tax-credit-work\/"},"modified":"2022-09-06T15:59:15","modified_gmt":"2022-09-06T15:59:15","slug":"how-does-the-federal-solar-tax-credit-work","status":"publish","type":"post","link":"https:\/\/empower-solar.com\/en\/blog\/how-does-the-federal-solar-tax-credit-work\/","title":{"rendered":"How Does the Federal Solar Tax Credit Work?"},"content":{"rendered":"<h2>History of the Solar ITC<\/h2>\n<p>Originally established by the Energy Policy Act of 2005, the 30% ITC (Investment Tax Credit) has been a success in supporting the country&#8217;s transition to renewable energy. The 2020 spending bill originally extended the solar ITC at 26% for two additional years. The ITC would drop to 22% in 2023, and then disappear completely. In August 0f 2022, the <a href=\"http:\/\/www.empower-solar.com\/blog\/americas-clean-energy-future-inflation-reduction-act\/\">ITC was raised to 30%<\/a> for the next 10 years. This empowers homeowners across the nation to improve their energy resiliency.<\/p>\n<h2>How Does the Federal Solar Tax Credit Work?<\/h2>\n<p>The minute you own a solar system, whether it is residential or commercial, you are eligible for this Federal Tax Credit. The 30% tax credit means that as a residential client, you can claim 30% of the cost of the system through federal taxes. This can be claimed when you file for your yearly federal tax return. You can receive 30% for systems commencing construction in 2022 through 2032.<\/p>\n<p>In 2021, owners of new residential solar could deduct 26% of the cost of their system.<\/p>\n<p>In 2023, owners of new residential solar can deduct 30% of the cost of their system.<\/p>\n<p>For more information on ITC, <a href=\"https:\/\/www.seia.org\/initiatives\/solar-investment-tax-credit-itc\">click here.<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>History of the Solar ITC Originally established by the Energy Policy Act of 2005, the 30% ITC (Investment Tax Credit) has been a success in supporting the country&#8217;s transition to renewable energy. The 2020 spending bill originally extended the solar ITC at 26% for two additional years. The ITC would drop to 22% in 2023, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":11594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,12],"tags":[],"class_list":["post-265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-solar","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Does the Federal Solar Tax Credit Work? - EmPower Solar<\/title>\n<meta name=\"description\" content=\"Curious how the federal solar tax credit works? 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