The most important things to know about the Federal Tax Credit
Update: As of August 2022, The Inflation Reduction Act passed by congress raises the Solar Tax Credit to 30% until 2032.
Introduction
For many years, residential solar energy was a luxury reserved for the wealthy and the well to do. In order to spur the industry, administrations within the federal government introduced a tax credit to ease the burden on homeowners with the desire to install solar photovoltaic panels on their home. Several years removed from the creation of the solar tax credit, the barrier to entry is much lower and it has become feasible for many homeowners before the credit is taken into consideration.