We wanted to take a moment to clarify that the Federal solar investment tax credit was extended in 2020 and continues at 26% through 2022. In 2023, it will now drop to 22%, and finally in 2024 it goes away completely. That is great news if you want to go solar on your RV or boat because both are eligible to be claimed as a first or second home per the tax code!
If your boat or RV is US registered, has a bunk, galley, and toilet, then you may qualify for a 26% credit on the 'total system cost' when you go solar. A complete system cost includes the panels, racking or mounting hardware, wiring, inverter, charge controller, labor, batteries (if purchased in conjunction with the new system), as well as costs for bimini or dodger retrofitting or replacement if that is where you mount your panels. This is a HUGE bonus if you want to replace and upgrade to Lithium batteries. Essentially, the wording is any equipment needed to place the system in service. Any off-grid solar system requires batteries, so for all marine and RV systems, this would also apply to your eligible credit.
We can't stress enough how easy it is to file and claim your credit! It is a simple one page form. They are updated every January, and we post the current versions, as well as instructions on how to file, on our website, https://www.sunpoweredyachts.com/solartax-credits. There is no maximum limit for equipment placed in service after 2008. This credit can be retroactive, as long as the solar system was placed into service after January 1, 2006. If you can't use all of the credit because of the tax liability limit (that is, line 14 is less than line 13), you can carry the unused portion of the credit forward to the next year. Make sure you go solar before the credits expire! Incentives like these will not be around for much longer.
(Disclaimer: As always, please consult with your tax advisor or accountant for the most up to date tax info for your situation.)
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