Inflation Reduction Act: Energy Storage Tax Credit
Rebate Overview
Overview
The Inflation Reduction Act offers a 30% tax credit for homeowners installing energy storage systems, such as home batteries, between 2022 and 2032. This means you can deduct 30% of the installation cost from your federal taxes.
Benefits
Adding an energy storage system can make your home more comfortable and resilient by providing backup power during outages. It also helps reduce your electricity bills and supports a cleaner environment by storing renewable energy.
More Information
- Eligibility: The tax credit applies to both existing homes and new constructions used as residences in the United States.
- Qualified Equipment: Eligible systems must have a capacity of at least 3 kilowatt-hours.
- Installation Period: The 30% tax credit is available for systems installed between 2022 and 2032.
- Claiming the Credit: To claim the credit, file IRS Form 5695 with your federal tax return.
Details
- Start date: January 1, 2023
- Expiration date: December 31, 2032
- Incentive type: Tax Credit
- Maximum Percent:
- Link: More details
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