Solar Resources
Tax Forms
Form 5695 is the form you’ll use when filing federal taxes to figure and take your residential energy credits.
Here are links to the current form and instructions. If you have further questions about filling out your form, please direct them to your tax preparer or accountant. Here at Iconic Energy, we are not in a position to give tax advice.
Federal Solar Tax Credits
The solar Investment Tax Credit (ITC) is a federal tax credit for solar panel systems installed on residential and commercial properties. See our article ‘How Does the Federal Tax Credit Work?’ for an explanation of what it is and how it works.
For new solar installations in 2021, the ITC is currently a 26% federal tax credit. Congress passed a multi-year extension of the credit in Dec of 2020. This prevented the tax credit from dropping down to 22% in 2021.
Federal Solar Tax Credit Information Links:
- The current solar ITC schedule is shown on the SEIA (Solar Energy Industries Association) website.
- For more details on how the credits work for both residential and commercial properties, see these documents about tax credits for solar from the U.S. Department of Energy.
ComEd Sample Bills with Net Metering
Having trouble reading your bill after installing solar? Or just wondering what it is going to look like once you’re feeding energy back to the grid?
Here are two sample bills from ComEd with net metering. One bill is for residential and the other is for non-residential properties.
Click below to see a .pdf of each with explanations for each section of the bill.
