Electrical

Nevadans can receive a tax credit of up to $600 toward the cost of a new electric panel and/or wiring by leveraging the Energy Efficient Home Improvement credit.

The electric panel/wiring tax credit is available to renters and homeowners of all income levels and can be applied to existing homes (not new construction). They can be used on either a primary or secondary home. However, landlords cannot claim the credit for a property you rent out but do not live in.

Anyone who meets these requirements and pays federal income taxes can claim the credit on their taxes. For more details about qualifying for this tax credit, check out the IRS FAQ on energy-efficient home improvements. 

Items that may qualify include a replacement electric panel or sub-panel, branch circuits, or feeder lines that carry medium voltage power to your home.

To qualify for the federal tax credit, the new panel and/or new wiring must:

• • Be installed in a manner consistent with the National Electric Code;

• • Have a minimum load capacity of 200 amps or more;

• • Be installed in conjunction with and enable the installation and use of:

    • • any qualified energy efficiency improvements, or
    • • any qualified energy property (heat pump water heater, heat pump, central air conditioner, water heater, furnace or hot water boiler, biomass stove or boiler)

Speak to your contractor to ensure installations and upgrades will meet the required criteria to receive this tax credit

To claim the Energy Efficient Home Improvement Credit:

1. 1. Purchase and professionally install a qualifying electrical system.

      Remember, this tax credit must be installed alongside a qualified energy efficiency improvement or energy property (like heat pump water heater, heat pump, central air conditioner, water heater, furnace or hot water boiler, biomass stove or boiler). The electrical panel must be installed within one year of the qualified appliance.

1. 1. Keep your receipts and installation documents.

Fill out IRS Form 5695. Then, submit the form with your yearly tax return.