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30% Discount and Extended Deadline Until 2034 with Residential Clean Energy Credit

The Impact of the Residential Clean Energy Credit

Understanding the Federal Solar Tax Credit

According to the report of Palmetto, The government made a big move to encourage using renewable energy like solar power and boost the economy. They did this by creating something called the Residential Clean Energy Credit also known as the Federal Solar Tax Credit. This gives homeowners a big discount up to 30% on the cost of putting in solar panels. This discount helps the solar industry grow making lots of new jobs and adding billions to the economy. It started in 2005 and got even better in 2022 now lasting until 2034.

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30% Discount and Extended Deadline Until 2034 with Residential Clean Energy Credit (PHOTO: EcoWatch)

The Environmental and Economic Benefits of the Residential Clean Energy Credit

They do this when they file their taxes using a special form called Tax Form 5695. This means they pay less in taxes dollar for dollar. Not only does this help people afford solar energy but it also helps cut down on the pollution causing climate change. Besides the federal help some states also give extra tax breaks to encourage solar energy. These extra incentives along with the federal tax credit make it even more appealing for homeowners to go solar. Its good for the environment and good for the economy creating benefits for individuals and communities. As we face climate change moving towards cleaner energy sources like solar power is really important. The Residential Clean Energy Credit along with other efforts is pushing us in the right direction toward a cleaner healthier future.

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