Everything Solar Forum

Thank you! Have you submitted and applied before this year? How did the rebate get back to you?  Were your taxes less that year?

I obtained the IRS tax credit several years, the most recent was about six years ago.  IRS form 5695 will result in a tax credit, not a rebate.  Your federal income tax for the year will be reduced by the amount computed on form 5695.  Compared to not having the tax credit, your IRS refund could be bigger, or the amount you owe will be reduced.

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Previously if the tax credit exceeded your annual tax obligation (as in your situation) the unused portion of the tax credit ($6,000 for you) could be used the following year.  It should be verified if the unused portion of the tax credit can be carried forward from 2022 to 2023.  If carrying forward is not allowed, things can be done to increase your tax obligation for this year (instead of paying later), to use the full tax credit.