There are no specific income restrictions mentioned in the available information regarding federal energy storage incentives for homeowners. However, there are certain eligibility requirements and limitations to consider:
- Residential Clean Energy Credit: Available for homeowners installing new clean energy property, including battery storage, with no annual or lifetime limit except for fuel cells. It is a nonrefundable credit, meaning it cannot exceed the amount of tax owed.
- Eligible Homes: Credits are available for principal residences and second homes, not for rental properties. The home must be located in the U.S.
- Business Use of Home: If the home is used partly for business, the credit is based on the share of expenses allocable to nonbusiness use. If business use exceeds 20%, the credit is prorated accordingly.
For Investment Tax Credit (ITC) on larger energy storage projects, there are requirements such as prevailing wage and apprenticeship standards to qualify for the bonus rate (30%), but these are not income restrictions.
In summary, while there are no income restrictions, the eligibility and amount of the tax credits depend on the nature of the property, its use, and compliance with specific requirements.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/are-there-any-income-restrictions-for-claiming-federal-energy-storage-incentives/
