If you are considering installing an alternative energy solution for your primary residence such as solar, geothermal heat pumps or residential wind turbines, act fast! The tax credit amount dropped in 2020 and it will drop again in 2021. It disappears in 2022.
The amount in 2020 is 26% and then is 22% in 2021. It was 30% for 2019. However, you may still have state tax credits.
And remember if your property is a rental or business property, you can either take a deduction or depreciate the expense. Talk to your tax advisor to determine the best strategy for you.
If you’re not sure if you’re getting the best tax breaks, give us a call at 888-592-4769.