💰The residential clean energy credit is non-refundable and can be coordinated with other non-refundable tax credits.
🌍The credit is 30% of the costs of qualified clean energy property placed in service in a new or existing home.
⏰The credit is available for new qualified clean energy property placed in service between now and 2032.
💡There is no dollar amount limitation for subsequent projects, except for fuel cell generation.
🏠The credit can be used for both new and existing homes.
Can the residential clean energy credit be used with other tax credits?
—Yes, the credit can be coordinated with other non-refundable tax credits as long as they do not reduce your tax bill below zero.
What is the percentage of the credit?
—The credit is 30% of the costs of qualified clean energy property.
Is there a time limit for claiming the credit?
—The credit is available for new qualified clean energy property placed in service between now and 2032.
Are there any limitations on subsequent projects?
—There is no dollar amount limitation for subsequent projects, except for fuel cell generation.
Can the credit be used for both new and existing homes?
—Yes, the credit can be used for both new and existing homes.
00:00The video discusses the residential clean energy credit limit worksheet found in the IRS form 5695 instructions.
01:15The residential clean energy credit is 30% of the costs of qualified clean energy property placed in service in a new or existing home.
02:42The worksheet helps determine the limitation that needs to be applied based on your tax liability.
03:31The credit can be coordinated with other non-refundable tax credits as long as they do not reduce your tax bill below zero.
05:32There is no dollar amount limitation for subsequent projects, except for fuel cell generation.
