This credit is available to individuals or businesses that generate electricity from qualified renewable resources, such as wind, biomass, geothermal, landfill gas, hydropower, and solar energy. You'll report renewable energy under the "Credits and deductions" section of the filing flow.
Here are some tidbits to remember:
- This credit encourages homeowners and business owners to invest in clean energy sources.
- To claim the credit, you must meet certain requirements, including:
a. Owning a qualified renewable energy facility that generates electricity. This could include wind farms, solar farms, geothermal power plants, and hydropower plants, among others.
b. Beginning construction or placing the facility into service before a specific deadline. The IRS sets deadlines for each renewable resource type, and it's important to adhere to them.
c. Meeting specific production requirements. The amount of credit you can claim may be based on the electricity produced by the facility. - The credit amount varies depending on the type of renewable resource used and the date the facility was placed in service. The credit is calculated based on the kilowatt-hours of electricity produced from qualified sources.
- To claim the credit when filing in the Keeper app, just be sure to add your Renewable Energy information under the "Credits and deductions" section of the filing flow.