Federal Tax Credit
Energy Efficient Solar Attic Fans Qualify for 30% Federal Tax Credit
Solar Dynamics certifies that the ALL our Solar Attic Fans qualify for federal tax credits in the Solar Energy Systems category under Photovoltaic Systems as defined in the American Recovery and Reinvestment Act of 2009. products must have been placed in service on June 1, 2009 through December 31, 2016. In addition, the products must have been properly installed meeting all applicable building, electrical and fire codes. To claim a tax credit, this Statement of Certification is not required to be filed with the tax forms, but income tax regulations require taxpayers to have appropriate documentation to qualify for a tax credit.
What are the tax incentives for Solar Powered Attic Ventilators? Homeowners are eligible for tax credits for qualified photovoltaic systems purchased and installed between January 1, 2009 and December 31, 2016.
What is the amount of the tax credit the homeowner is eligible to receive? For solar photovoltaic systems, the allowable tax credit is 30% of the qualified system expenditures, including both product and installation costs.
What is the maximum amount of cost on which the credit can be figured? There is no credit cap for residential photovoltaic systems placed into service after December 31, 2008.
Does the qualifying unit need to be installed in the homeowner’s primary residence? Unlike other consumer energy tax incentives, the dwelling does not need to be the primary residence (rental properties and second homes are eligible) and applies to both existing homes and new construction.
What is the difference between a tax deduction and a tax credit? A tax deduction is subtracted from income before total tax liability is computed. On the other hand, a tax credit is subtracted directly from the total tax liability.
What does the homeowner need to do to claim the tax credit? To qualify tax payers should retain information that includes: * Receipt with the cost of the system (including labor) * When it was placed in service * IRS form 5695 Where do homeowners get the IRS form? This form can be downloaded from the IRS website, http://www.irs.gov/pub/irs-pdf/f5695.pdfand If a computer is not available, public libraries or post offices generally have the necessary forms or can get them for you