On October 3, 2008, President George W. Bush signed into law the Emergency Stabilization Act followed by President Barack Obama signing into law the American Recovery and Reinvestment Act of 2009 (ARRA) on February 17, 2009.
The combined effect of these two laws provides a 26% tax credit on both the purchase and installation of qualifying products in renewable technologies such as solar electric property, residential solar water heating, qualified small wind energy and qualified geothermal heat pump energy, among others.
Under these laws VELUX Solar Powered Fresh Air Skylights, and other eligible VELUX Skylights with Go Solar, as well as VELUX residential rigid Sun Tunnel® with the solar night light, and VELUX Solar Powered Shades qualify under “Solar Electric Property” expenditures when purchased and installed from January 1, 2009 through December 31, 2022.
2009-2019 Save 30% federal tax credit
2020-2022 Save 26% federal tax credit
2023 Save 22% federal tax credit
What do I need to do?
When the product is installed: Keep your receipts for total price paid (product and installation) for one of the qualifying VELUX products and attach them to a completed Federal Tax Credit - Manufacturers Certification Statement and keep for your records.
When it is tax time: Fill out IRS Tax form 5695 and submit it with your taxes. Enter this tax credit off of form 5695 on your 1040 form.
1. IRS Notice 2009-41 suggests the taxpayer is not required to attach this certification statement to their tax return. However, the taxpayer should retain this certification as part of their tax records.
2. As in all tax matters, the taxpayer is advised to consult their tax professional. VELUX America LLC assumes no liability regarding the homeowner’s ability to obtain tax credits.