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Question

can I deduct monthly payments for my solar panels ?

Forum|Forum|1 year ago
March 11, 2025
2 replies
0 views

I have a tax credit from federal goverement for 6991.00- I am paying a monthly payment on the loan for my solar panels?

TurboTax Deluxe Online

You may get a credit for the cost of the panels in the year they were installed. You would use the cost to determine that. The payments you make after that would not be available for a credit.

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Employee

No, the loan payments are not deductible. When the solar system was installed and operational you were given a tax credit that was used on the tax return for the year of installation. And if not all of the credit was used, the remainder carried forward to the next tax year.