Yes, you can combine the battery storage tax credit with other residential clean energy credits. The Residential Clean Energy Credit, also known as the Section 25D tax credit, allows homeowners to claim a tax credit for various renewable energy systems installed in their homes. These include solar panels, wind turbines, geothermal systems, fuel cells, and battery storage systems. As of now, the credit is 30% of the qualified expenditures for systems placed into service before January 1, 2033.
Eligibility criteria for battery storage:
- The system must have a minimum capacity of 3 kilowatt-hours (kWh).
- It must be installed in a dwelling unit used as a residence by the taxpayer in the United States.
Combining credits:
- You can claim the credit for battery storage alongside other eligible renewable energy systems.
- Use IRS Form 5695 to claim these credits.
It’s advisable to consult a tax professional to ensure you maximize your savings correctly based on your specific situation.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/can-i-combine-the-battery-storage-tax-credit-with-other-residential-clean-energy-credits/
