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To claim the solar tax credit, youll have to fill out IRS Form 5695. You can claim the tax credit if you receive other clean energy incentives for the same project, although this might result in a smaller credit.
New York solar tax credit The New York Solar Energy System and Equipment Tax Credit equals 25% of solar installation costs up to $5,000. The tax credit reduces your state income tax liability. The average solar installation in New York will earn a state solar tax credit of about $4,830.
In all, 34 states plus Puerto Rico and Washington, D.C., have property tax exemptions in effect, but theyre subject to change. For instance, in California, the property tax exemption on solar was recently extended from the end of 2024 to Jan. 1, 2027.
To claim the credit, youll need to file IRS Form 5695 as part of your tax return. Youll calculate the credit on Part I of the form, and then enter the result on your 1040.
Use Form 5695 to figure and take your residential energy credits. The residential energy credits are: The residential clean energy credit, and. The energy efficient home improvement credit.
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This is a nonrefundable tax credit, which means you will not get a tax refund for the amount of the tax credit that exceeds your tax liability. 15 However, you can carry over any unused amount of tax credit to the next tax year.
Check with your state energy office or solar company to confirm if you applied correctly. If the IRS denied the credit because your system wasnt operational, you may need to claim it on your 2024 tax return instead. If it was a state rebate, follow up with the solar company or the agency handling the rebate.

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