I have installed Solar panels as of 9/20/2022. My costs are $33000.00. My rebate will be 30% equaling $9900.00
My 2022 tax bill will be approximately $4200.00 of which I will have paid in $2500.00.
Will I get a refund of $2500.00 for tax paid? How will the Rebate be applies?
Roger
Hi @Rojo3!
With the numbers you've provided and given you spent $33,000 on an applicable solar installation, your 2022 Federal Income Tax burden will be $0, and you will receive a refund for the $2,500 you've already sent to the IRS. That will leave you with $5,700 to apply towards next year's taxes!
Hope that help!
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