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January 30, 2025
Question

Where do I find Solar electric costs if I have solar panels on my roof

  • January 30, 2025
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    1 reply

    January 30, 2025

    This will be under the Home section under Home Energy Credits.  This will be a Residential Energy Credit.  Here you will enter the amount you paid to have the solar panels installed on your roof in the Solar Electric Cost section. The amount you paid will be the total amount of your contract price even if you have financed the panels. 

    To enter these credits into TurboTax take the following steps:

    • Federal
    • Deductions and Credits
    • I'll Choose what I work on
    • Home Energy Credits which is under the "Your Home" category
      * Please note the navigation may be slightly different depending on which version of TurboTax you are using.
       

    The Residential Energy Credit is a non-refundable credit, however this one can be carried forward to future tax years until this credit goes away which is currently set to happen in 2034

    This credit is worth up to 30% of the cost of the equipment, with no maximum limit.  The items that fall into this category are as follows:

    • Geothermal Heat Pumps
    • Small Wind Turbines
    • Solar Energy Systems
    • Fuel Cells
    • Battery Storage Technology

    This credit can be taken for new construction

     

     

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