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March 9, 2025
Question

Do we put in the cost of the loan for our solar panels as the cost

  • March 9, 2025
  • 1 reply
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how do i enter solar panel costs, is it the cost of our loan

1 reply

March 9, 2025

Not necessarily, unless you financed exactly 100% of the cost.  The cost of the solar panels is the total that you were charged for them, including installation. Payments that were made on a loan are considered in the credit- just the total cost (whether financed or paid in full) in the year of installation.

 

The credit is available in the year of purchase.

 

Here is some more information: Federal Tax Credit for Residential Solar Energy