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Available Tax Credits & Rebates
Both federal and state governments want you to be cautious or your energy usage, so for a limited time they are offering tax credits and deductions for certain home energy improvements performed by a licensed contractor. Local utility providers are also offering cash rebates for many of our upgrades we perform!
Elevate Insulation will assist you in qualifying and applying for these credits and rebates.
Solar Tax Credit FAQ's
Any work done in 2021 and 2022 will be eligible for a 26% tax credit.
What is a tax credit?
The renewable energy tax credit allows a taxpayer to claim 26 percent of qualified expenditures for a solar system that serves a dwelling unit, owned and used by a taxpaying resident. If you are tax exempt then you cannot receive this.
What if I owe less than the 26% credit amount on taxes?
The federal tax credit is a credit and not a rebate meaning you must have enough tax liability to get full use of the credit.
If the federal tax credit exceeds your tax liability in the year of installation, the remaining amount can be carried over to the succeeding taxable year.
If you have taxes held from your pay by your employer during the year, and therefore have no tax liability due at the end of the year, then your tax credit value will be issued as a refund.
What is eligible for the solar tax credit?
Eligible expenditure includes labor costs for on-site preparation, assembly or original system installation, and sales tax.
In order for us to properly prepare for installing the solar attic fan and not be counterproductive, by pulling heat and air from inside the home, we do the procedures to properly air-seal penetrations in the attic that lead into the home and make sure the attic can breath so the fan can circulate airflow.
Here's how to claim the solar tax credit
Step 1
To claim the 26% solar tax credit you simply complete a Form 5695 and add the results of this to your main tax return for the year in which the solar fan was installed.
Form 5695 calculates tax credits for a variety of qualified residential energy improvements. You only need to worry about line 1 being the line for solar electricity. Insert the total cost of your solar fan system, including installation, preparation work, and sales tax (Basically the cost of the project).
Step2
Example for filling out form 5695:
1.Qualified solar electric property costs..............................................................1. $5,000
2.Qualified solar water heating property costs....................................................2. $0
3.Qualified small wind energy heating property costs........................................3. $0
4.Qualified geothermal heat pump property costs..............................................4. $0
5.Add lines 1 through 4.......................................................................................5. $5,000
6.Multiply line 5 by 26% (.26)..............................................................................6. $1,500
Assuming you are not also receiving a tax credit for fuel cells installed on your property, and you aren't carrying forward any credits from last year, put the value from line 6 on line 13.
Step 3
Pat yourself on the back, you're almost done! The steps above outline all you need to do to get your 26% solar tax credit! Be sure to include Form 5695 when you submit your taxes to the IRS or give the form to a CPA if you don't do your taxes yourself.
Give us a call and we'll help you fill out your form! If further help is needed, we will advise you to speak to a CPA for further questions on these tax credits for professional and legal advice.
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Our Results Speak for Themselves
"This company went above and beyond for the work that was performed at my home. The employees were friendly and professional. Elevate is the only company I would recommend for attic insulating jobs!"
John Hixenbaugh
"I was very pleased with the professional and efficient way the insulation was installed. All of the people involved were polite and very neat with their work."
Patty Laroe
"Elevate Insulation did a great job. On time, professional, polite and efficient. They got in and got the job done. The crew cleaned up after themselves when it was completed. I would definitely recommend them."
Jim Pezzot
"This company went above and beyond for the work that was performed at my home. The employees were friendly and professional. Elevate is the only company I would recommend for attic insulating jobs!"
Bonnie Lindner
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