For residential and commercial properties, a 30% tax credit is available. A firm or taxpayer may claim a credit of 30% for a solar energy system that is placed into services after January 1, 2008 and before December 31, 2016. The home served by the system does not have to be the taxpayer's primary residence. The 30% is based on the total installed price. If the federal credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year, until 2016; however, it is unclear whether the unused tax credit can be carried forward after 2016. For homeowners who finance their solar system, they may be able to deduct the interest paid. Please consult your tax professional and click below for more information.
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