Solar Panel Tac Credit Iowa

The system is designed so that once you have submitted an application you can later sign into the system to track its status.

Solar panel tac credit iowa.

Iowa offers a unique solar tax credit that can be used on top of the federal tax credit. The iowa legislature created the 15 percent tax credit in 2012. With all the incentives available the net cost of your system could be reduced by up to 80. That s 9 000 you ll save on your state and federal taxes.

The application for the iowa credit cannot be made for individuals until the installation of the solar energy system is complete. Applications are due may 1st 2020 for installations completed by december 31 2019 solar energy system tax credits the application for the tax credit is available online within the tax credit award claim transfer administration system cactas. Iowa is the only state in the midwest and one of just a dozen nationally that still offers a state solar tax credit. If you get a federal tax credit equal to 6 000 you ll receive an additional state tax credit of 3 000.

The state credit is equal to 50 of the amount you receive for the federal tax credit. Qualifying installations must meet the criteria for the federal residential energy efficient property credit related to solar energy provided in sections 25d a 1 and 25d a 2 of the internal revenue code. However 2019 is the final year to take advantage of the largest solar tax credits before they begin to phase out. Under this credit when you install a solar panel system at your home you get 15 of the system cost back on your iowa state income tax with a 5 000 maximum credit amount.