This New Tax Credit Could Help You Save Big On A Tesla Powerwall Or Solar Roof In 2023 – SlashGear

If you’re planning on making the upgrade, a new tax credit system called the Residential Clean Energy Property Credit might save you a significant chunk of money. Unlike most renewable energy tax credits, there is no hard dollar limit on the amount you can claim through the Residential Clean Energy Property Credit. Homeowners can claw back up to 30% of their expenses when buying and installing solar panels or a solar roof. There is a limit applied to fuel cell property expenditures, but that limit is fairly generous.

If your fuel cell qualifies, you can claim up to 30% back — capped at $500 per half kilowatt of the cell’s capacity. The IRS has also said that a property with multiple residents can claim up to $1,667 per half kilowatt of capacity in a calendar year. Traditional building materials, such as asphalt shingles, don’t qualify for the credit. But as products like Tesla’s solar roof “serve as solar electric collectors while also performing the function of traditional roofing,” the government has explicitly stated that it does qualify for the rebate. 

The rebate can also be applied to other green energy producing devices such as small wind turbines, geothermal heat pumps, and solar water heaters. Either way, rising energy costs and generous government subsidies may mean it’s the ideal time to work towards making your home energy independent.