Federal Tax Credit

FOR RESIDENTIAL ENERGY EFFICIENT PROPERTY

 

The Comfortex products listed below – when equipped with a solar panel (Product ID#: SL-9.0V/1.7W) and rechargeable battery pack – qualify as “Residential Energy Efficient Property” and a portion of their purchase and installation costs are eligible for a Federal Tax Credit. 


How the Tax Credit is Calculated

The Federal Tax Credit is a percentage of the total costs of the qualifying solar panel, rechargeable battery pack, and applicable installation in accordance with the below guidelines:

 

  • 30% on eligible products installed between 1/1/09 – 12/31/19
  • 26% on eligible products installed between 1/1/20 – 12/31/20
  • 22% on eligible products installed between 1/1/21 – 12/31/21

Existing homes and new construction qualify. Both principal residences and second homes qualify. Rentals do not qualify.

 

How to Claim Your Tax Credit

Consumers should work with the authorized Comfortex dealer where they purchased their window shade(s) to determine the itemized costs for the solar panel, rechargeable battery pack, and installation (please note that only installation costs directly associated with the measurement, evaluation, and installation of the solar recharging panel and connections qualify). For those interested in purchasing a solar shade, please visit our Dealer Locator Tool to find the dealer nearest you.

Once the credit is determined, the consumer must complete IRS Tax form 5695 titled “Residential Energy Credits” and submit it with their taxes. The tax credit identified on form 5695 should be added to the individual’s 1040 form.

How the Tax Credit is Applied

Eligible consumers receive a dollar-for-dollar reduction in the income taxes they would otherwise pay the federal government. So if a person owes the federal government $1,000 in income taxes, and they have earned $200 in tax credits, their tax obligation would be reduced to $800.

Download the Manufacturer Certification Statement

Consumers who claim the federal tax credit should download the Manufacturer Certification Statement for their records. While this Statement is not required to be submitted to the IRS in order to claim the credit, an individual may be required to provide the Statement – along with the itemized receipts for purchase and installation – in the event of an audit.


© 2020 COMFORTEX WINDOW FASHIONS