The Solar ITC is available to all U.S. residents who owe federal taxes. With it, a portion of your project costs can be deducted from your tax obligation, reducing the amount of taxes you owe. The credit is worth 26% of your project costs in 2022, 22% in 2023, then expires for residential projects at the start of 2024. On a $10,000 solar project, the credit would put $2,600 back in your pocket, significantly speeding up your payback period.