How Do I Claim The Federal Tax Credit (ITC)?
After consulting with a licensed tax professional to verify you are eligible for the ITC, you or your tax advisor will need to complete and attach the appropriate IRS Form to your federal tax return.
What If The ITC Exceeds The Amount I Owe The IRS In Taxes?
The Federal Investment Tax Credit (ITC) is considered a ‘nonrefundable credit,’ so you will not get a refund for the balance. However, you can carry over the balance of any unused amount of the tax credit into the following tax year until it is exhausted.
How Does ITC Work If I Lease A PV System Or Purhase Electricity Through A Power Purchase Agreement (PPA)?
If the system is leased or financed with a PPA, then the leasing company or PPA Provider claims the ITC, and the customer benefits by receiving a discounted cost of electricity.