The Solar Tax Credit Explained [2023]

In this video, we explain what the solar tax credit is, how to get it, and potential cost savings. If you enjoyed this video or found it helpful, please consider subscribing to our channel!

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[MrFoxfire]

Can you get the solar tax credit on a second solar system on the same home. And can you get it on another home.

[zterra]

What if I buyout a leased solar system. Can I still get the tax credit?

[giliethedeliveryman]

I was told the lie by the sales rep that I would get an incentive from the federal and the state and that when I filed my taxes, I would get that incentive and pay it towards the Solar Panels or use it as a wish in which I was going to pay off some debt and then just focus on paying off the solar panels. Unfortunately, it looks like I was duped. I should’ve looked into it further before purchasing.

[MisterYou]

What if I am getting refunds every year, do I still get that tax credit?

[duanelinstrom]

Can I claim the standard deduction and the solar tax credit deduction? Or do I have to itemize my deductions to claim the solar tax deduction?

[partsman]

Example if I have a system installed at a cost of $36000 dollars and pay the total price upfront. My taxable income is about 2600 dollars How long will it take to recover my expenses

[richardcaracoza]

Let's say I owe 12, 000 in taxes a year. I pay 14, 000 from my income for the year I get back 2, 000 right. If my system was 40, 000 tax credit 12, 000, could use that to pay for 2023 taxes up front and not get taxed on my paychecks if that makes sense?

[hamadkhawaja]

If my taxes get decucted out of paycheck and I dont usually owe any taxes when I file, do I get a refund? In my senario I would be getting a loan from sunrun to do the install & purchase.

[Berserkeroverland]

How does this apply to buying solar through a company such as Sunpower and using financing to fund the solar installation? Thanks

[NinjaSushi]

I'm a hundred percent disabled vet so all my income comes from on taxable disability from the VA. This tax credit screws me over because I'm not making an income that's a taxable income so if I tried to get solar panels it wouldn't help me at all. I would much rather this be asset credit that gets sent when you sign the deal for solar panels rather than some silly income tax credit. Abolish the IRS I say.

[jeffreydektor]

I owe no taxes. Sunrun told us we WILL get $18k back which we need to forward to the bank. No I find out that was a bunch of BS since we do t owe taxes, we get nothing. However if I understand this correctly from the video, the tax credit can be applied to refund all money paid in tax throughout the year, until the credits are used up??

[KentP-rwzf]

Would I qualify for the federal tax credit if I pay a 3rd party (Plastiq) with a credit card and then Plastiq issued a check on my behalf to the solar company?

Note I am the owner of the panels.

[leopardcat]

I bought a Tesla model Y in march of 2024 & received an instant $7, 500 EV credit of said vehicle.

I then bought solar panels in October of 2024 for $24, 800 at 30 percent gives me roughly $7, 500 credit(same year as the Tesla).

Will I receive my $7, 500 solar panel credit at tax time even though I bought a Tesla in the same year & received an instant $7, 500 EV tax credit.

[brianmacleod]

If your system was installed in 2022 but not turned on until 2023, does the solar tax credit still apply for 2022?

[juanjon]

So if I never owe taxes then I’ll never benefit from the tax credit ?

[martinmercerjr]

If you are already getting your all your taxes back from income taxes without using your Solar panels. Can you hold off until the following years

[kamilsutkowski]

I see the tax credit is for battery storage as well, do I need to get solar panels (I already have them) or can I just get batteries only with the credit?

[Seabeehunter]

Solar going on in March. I never owe on fed taxes. Can I claim exempt on fed for part of the year in an effort to have more money in my pocket each paycheck and then use the credit at the end of the year to cover the months I did not pay fed income tax?

[yixnorb]

Is there an incentive for retirees who don't pay income tax?

[LarryRichelli]

Does one have to have $30K of solar, What if I put a system in that costs me $15K