To verify if a battery storage system meets the requirements for the federal tax credit, follow these steps:
- Capacity Requirement: Ensure that the battery storage system has a capacity of not less than 3 kilowatt-hours (kWh).
- Installation Requirements: The battery storage system must be installed in connection with a dwelling unit located in the United States and used as a residence by the taxpayer. It doesn’t have to be paired with a solar system to qualify.
- Type and Origin: There are no restrictions on the brand, manufacturer, or origin of the battery, so batteries made in the US or other countries qualify as long as they meet the other criteria.
- Documentation: Keep records of the purchase, installation, and capacity of the battery system. This documentation may be required when claiming the tax credit.
- Professional Advice: Consult with a tax professional to ensure that all tax credit requirements are met and to assist with claiming the credit on your tax return.
The tax credit is 30% of the cost of the qualified battery storage system, and it applies to installations completed between January 1, 2022, and December 31, 2032.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-do-i-verify-if-a-battery-meets-the-tax-credit-requirements/
