Solar Power Attic Fan Tax Credit Information
FAQ - Federal Tax Credit for Residential SolarEnergy Systems
What is the Emergency Stabilization Act of 2009?
On October 3, 2008, George W. Bush signed the Emergency tabilization Act of 2009, which extended the credits available fr solar-poered energy systems and expanded the qualifying product requirements. This allows for a 30-percent tax credit on the purchase and installation of residential solar water heating, photovoltaic equipment, and fuel cell property.
Essentially, this means there are three main areas of 30% tax credit available:
The solar panel portion of all Solar Star Attic Fans, both roof mount and conversion kits, qualify for the category solar energy systems: photovoltaic systems, under the definition below:
"Property that uses solar energy to generate electricity for the residence and must meet applicable fire and electrical code requirements.
There are no specific technical requirements for photovoltaic systems. But all installed Solar Star Attic Fans must meet applicable fire and electrical code requirements to qualify.
What are the tax incentives for Solar Star Attic Fans?
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 (PV) systems, the allowable tax credit is 30% of the qualified PV system expenditures, including both product and installation costs. For solar powered attic fans, the solar panel portion of the product and the labor costs associated with the installation can qualify for the tax credit.
What is the maximum amount of cost on which the credit can be figured?
There is no credit cap for residential photovoltaic (PV) systems placed into service after December 31, 2008.
Do products installed in my second home or rental property qualify?
Existing homes & new construction qualify. Both a primary residence and second homes qualify. Rentals do not qualify.
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 claim the tax credit?
To qualify, tax payers should retain information that includes:
Yes, Solar Star Attic Fan DIY Kits – both roof mount and conversion kits – are eligible, as long as they meet the qualifying criteria and all applicable fire and electrical code requirements.
Are Solar Star products eligible even though they aren't ENERGY STAR® rated?
An ENERGY STAR® rating is not required for the photovoltaic system tax credit eligibility program.
Where do homeowners go for the IRS form?
Click here for IRS Form 5695, available on the IRS.gov website.
Are there local incentives for my county and/or city?
Many local utilities provide financial incentives for energy-efficient products. To find out if rebates or incentives are available in your area, visit the ENERGY STAR rebate finder at www.energystar.gov.
For additional information please visit your state energy office website for specific state tax information or go to http://www.dsireusa.org/ the database of State Incentives for Renewables and Efficiency.
*Solatube International makes no warranty as to the qualification of the products for federal tax credits if there are changes in requirements or applicable law after such date.
Solatube International, Inc. is not a tax advisor. Taxpayers claiming a tax credit should consult a tax professional with any questions. Solatube International is not responsible or liable for the taxpayer's ability to receive tax credits. This document is not intended to constitute legal or tax advice. More comprehensive information will be made available by the IRS.
The user maintains the full and complete responsibility to comply with all codes, laws and regulations applicable to the safe and proper use, handling and installation of the product and should consult with a professional for all construction and design related questions. The information contained herein is believed to be accurate as of the time of preparation. However, Solatube International makes no warranty as to the accuracy of this information.