If you need an electrical panel upgrade, you should consider doing this work along side installing rooftop solar, a home battery system, a heat pump, or a heat pump water heater.
If you upgrade your panel to enable solar or a battery installation, you can claim 30% of the cost of the panel on your federal taxes (no upper limit). If your federal tax liability is less than the credit amount, you can roll the remainder over to next year.
If you upgrade your panel to enable a heat pump or a heat pump water heater installation, you can claim 30% up to $600 on your taxes. If your federal tax liability is less than the credit amount, you only claim the amount you owe. For example, if the panel upgrade costs $1,500, you can claim $500. However, if you only owe $100 in federal taxes, you can only claim $100. Unfortunately, the credit does not roll over.
You can read more about how tax credits work.
To claim the tax credit, you'll fill out Form 5695 with your federal taxes.
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