Thinking About Going Solar in Tampa?
As energy costs continue to rise and environmental awareness grows, more Tampa residents are considering a shift to solar energy. Aside from reducing your carbon footprint and utility bills, installing solar panels can also lead to significant tax savings. If you’re planning to go solar, it’s important to understand how to claim the federal solar credit deduction and how a Tampa local CPA can help maximize your benefits.
What Is the Solar Credit Deduction?
The federal solar investment tax credit (ITC) allows homeowners to deduct a portion of the cost of installing a solar energy system from their federal taxes. In 2024, the ITC allows for a 30% credit on the total cost of the system, including installation. This credit applies to both primary and secondary residences and is available only if you own the solar panel system, not if it’s leased.
Who Is Eligible for the Solar Credit?
To qualify for the federal solar tax credit, you must meet the following requirements:
- You must own the solar system (not lease it).
- The installation must be completed by December 31 of the tax year in which you’re claiming the credit.
- The system must be located at a residence you own in the United States.
A Tampa local CPA can help determine your eligibility based on your specific circumstances and ensure you’re claiming all available deductions appropriately.
How to Claim the Solar Tax Credit
Claiming your solar credit is typically done when you file your federal tax return. You’ll need to complete IRS Form 5695 (Residential Energy Credits) and include your total qualifying expenses. The credit will then be subtracted from the total amount of tax you owe. Any unused portion of the credit can be rolled over to future tax years.
Having the best CPA in Tampa review your documentation and file your taxes ensures that you don’t miss out on any potential tax savings. At Albert CPA, we’ve worked with numerous Tampa homeowners to successfully claim this important credit.
Additional Florida-Specific Solar Incentives
While Florida does not offer a state solar tax credit, there are additional benefits for homeowners installing solar. Florida law exempts residential solar systems from state sales tax and provides a property tax exemption for the increased home value attributed to solar panel installations. The best accountant in Tampa will be familiar with these local incentives and can incorporate them into your financial strategy.
Why Work with a Tampa Local CPA?
Navigating federal and state tax benefits for solar installations can be complex. That’s why partnering with a Tampa local CPA who understands Florida tax laws and solar incentives is crucial. Albert CPA, known as the best CPA in Tampa, offers personalized tax planning services to ensure you receive every possible deduction while staying fully compliant with tax regulations.
Albert CPA – Here for All Your Financial Needs
Whether you’re installing solar panels or simply looking to manage your finances more efficiently, Albert CPA is here to help. As the best accountant in Tampa, we specialize in tax preparation, payroll services, bookkeeping, and sales and income tax filings. Let us take the stress out of financial management so you can focus on making the most of your solar investment—contact us today to schedule a consultation with Tampa’s trusted CPA team.
