Don’t Forget to File! Get the 26% Federal Tax Credit for 2009 Solar Installations When You File Your 1040
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It’s tax time, and while that’s a cause for groans from many, you can be happy if you finished installation of a solar energy system in 2009!
The Energy Policy Act of 2005 was greatly enhanced in February 2009 by the federal stimulus plan, which eliminated a $2,000 cap on the federal tax rebate for solar electric systems. The current federal tax credit for solar hot water and solar electric is 26%, with no upper limit.
Unlike state cash rebates, you apply for the federal tax credit when you submit your regular 2009 personal income taxes.
Here’s a link to the IRS Form 5695 that you’ll need (PDF): http://www.irs.gov/pub/irs-pdf/f5695.pdf.
While ReVision Energy can’t offer you tax advice, we encourage you to read up about the tax credit at DSIRE and consult with your tax advisor about the best way to file for the tax credit.
Also, this act has been extended through 2016, so you have time in 2010 to take advantage of this great incentive!
Contact us with any questions you have about solar rebates.