Yes, you can claim federal tax credits for both solar panels and battery storage systems installed in the same year. The Inflation Reduction Act expanded the Residential Clean Energy Credit to include solar panels and battery storage, allowing a 30% tax credit for both systems until 2032. This credit applies to the total installation costs of solar panels and battery storage, provided the battery has a minimum capacity of 3 kWh and is installed at a residence used as a primary or secondary home in the United States. There is no limit on the amount of credit you can claim, as long as you have sufficient tax liability to use the credit.
Key Points:
- Eligibility: Both solar panels and battery storage systems qualify for the 30% tax credit as part of the Residential Clean Energy Credit.
- Capacity Requirement: Batteries must have a capacity of at least 3 kWh.
- Installation Location: Systems must be installed at a U.S. residence used as a main or second home by the taxpayer.
- Timing: The 30% credit is available for installations between 2023 and 2032, after which it will be reduced.
- Claiming the Credit: You can claim the credit on your federal tax return, typically using IRS Form 5695.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/can-i-claim-federal-tax-credits-for-both-solar-panels-and-battery-storage-systems-installed-in-the-same-year/
