Claiming Tax Credits for Battery Storage in a Second Home:
You can claim the Residential Clean Energy Credit for battery storage installed in a second home. Here are the key details:
- Eligibility: Both principal residences and second homes qualify for the credit, provided the properties are located in the United States. Rentals do not qualify.
- Battery Requirements: The battery storage technology must have a capacity of at least 3 kilowatt-hours to be eligible for the credit.
- Credit Amount: From 2022 through 2032, the credit is 30% of the cost of qualifying clean energy property, including battery storage systems.
- Installation Timing: As long as the battery storage is installed within the eligibility period, you can claim the credit, even if your solar power system was already in place.
Claiming the Credit:
- Use IRS Form 5695 to claim the Residential Clean Energy Credit.
- Ensure the battery meets all eligibility criteria, including capacity requirements.
- The credit is non-refundable, meaning if it exceeds your tax liability, the excess can be carried over to future years.
Overall, yes, you can claim the tax credit for installing battery storage in a second home if all conditions are met.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/can-i-claim-the-tax-credit-if-i-install-battery-storage-in-a-second-home/
