Americans can earn $6,750 in free money with a little-known energy program — but you must meet certain criteria

HOMEOWNERS have a $6,000 incentive to install solar panels through a federal solar tax credit.

The Investment Tax Credit (ITC) is worth 30% of the total cost for a home or business owner to install solar panels.

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The incentive is available to those who purchased solar panels in cash or on credit, that is, those who rented the system are not entitled.

Those who sign up will receive the federal solar tax credit on their next IRS return, which can be used to cover their tax bill.

Any unused balance will be carried over to the following year.

The solar incentive will remain available until 2035, decreasing to 26% in 2033 and 22% in 2034.

After 2035, the credit will no longer be available unless renewed.

After installing the solar panels, the individual can claim the tax credit on the IRS return corresponding to the year in which they installed the system.

CAN I REGISTER?

You qualify for the federal solar tax credit if:

• You are a US taxpayer who installed a solar system between January 1, 2006 and December 31, 2034
• Your solar project is new
• The solar system is located at your primary or secondary residence in the US
• You own the solar system
• Your system has been installed in a home, mobile home, houseboat, condominium or co-op apartment

HOW TO CLAIM

Follow these steps to claim:

• Download IRS Form 5695 to file as part of your tax return.
• In Part I of the tax form, calculate the credit. Register the solar system as “qualified solar electric property costs.” Therefore, on line 1, enter the total system and installation costs as outlined in the solar contract.
• Complete the calculation in lines 6a and 6b.
• On line 14, calculate any tax liability limitations using the IRS Home Energy Efficiency Property Credit Limit Worksheet.
• Complete the calculations on lines 15 and 16. Be sure to enter the exact amount from line 15 on Schedule 3 (Form 1040), line 5.

While there is no income limit for the federal solar tax credit, homeowners will need a large enough taxable income to claim the full credit.

If the owner owes less in taxes than the amount of their credit, the remaining credit will be carried forward to future tax years.

Any home or business owner can claim the federal tax credit once per year they install a solar energy system.

However, if they install another solar system on a qualifying property, they will be able to claim the tax credit again.

A solar panel system typically generates clean energy for 25 years or more, according to Market observation.

Solar energy saves the average U.S. family nearly $1,400 on energy bills annually.

While solar power is still a significant investment, the cost has decreased by more than 50% over the past decade, Market Watch reports.

Many utility companies and state governments also offer solar incentives, including tax credits, rebates and net metering.

Energy experts are encouraging homeowners to combine these incentives with the federal solar tax credit to maximize their savings.

Meanwhile, Americans can claim one-time payments from a $2 million Costco shopping deal.

And time is running out to claim $500 monthly checks for 18 months of free cash.