You can apply by filling out IRS form 5695 (PDF), and by following instructions from the Internal Revenue Service. Note that the federal tax credit isn't like a discount code or an instant rebate - you won't get the money back until after you file your tax return the next year, and the actual amount you get back will be limited by how much federal income tax you paid. It was increased from 26% and extended through 2034 by the Inflation Reduction Act, which Congress passed in 2022, and there is no cap on the size of the credit. The main incentive is the federal residential clean energy credit, through which you can get 30% of the cost of a solar system back if you buy solar panels. Fortunately, you can save quite a bit, thanks in large part to a major federal tax credit. Regardless of the size of the system you get, solar panels require a sizable financial investment. Depending on your utility company, you might have to pay an extra fee to connect your system to the grid. Keep in mind your potential savings may be limited by your utility's net metering policy. Nationwide, the median price per watt for a solar system in 2022 is $2.99, with the median system costing $23,920, according to consulting firm Wood Mackenzie.
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