A taxpayer installs solar panels on her home at a cost of $20,000. What is the maximum amount of the credit that can be claimed?
a. Incorrect. While the nonbusiness energy credit for insulation and certain other energy-improvements to the home expired in 2011, the credit for alternative energy improvements to the home continues to apply.
b. Incorrect. The $500 refers to the credit for fuel cells, which is limited to $500 for each one-half kilowatt of capacity of the property.
c. Correct. The credit is 30% of eligible costs ($20,000 × 30% = $6,000).
d. Incorrect. The credit is not the full amount of the solar panels” cost ($20,000), but 30% of that amount ($6,000).
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