I've heard that identities have infinitely many solutions, while conditional equations have only finitely many solutions.
Many conditional equations, e.g., $\sin x=1,$ do have infinitely many solutions.
And, strictly speaking, an identity needn't have infinitely many solutions, since the domain of discourse/interest may be a finite set.
An equation is a statement that connects two expressions with an $=$ sign and asserts their equality.
An identity is an equation that holds for every possible variable tuple for which the equation is defined:
- $(x+y)^2\equiv x^2+y^2+2xy$
A conditional equation holds for some variable tuple(s):
- $x^2+ky^2=1\quad$ (the parameter $k$ is an arbitrary constant, varying to generate a family of equations)
- $2x^2+3x-5=0\quad$ (in the context of equation-solving, $x$ is an unknown)
- In a formula (the rule of a function) like $$V=\pi r^2h,$$ each input tuple returns an output called the subject.
An inconsistent equation holds for no variable tuple:
$$(-1)^x=1$$
Since this equation's solution set is $2\mathbb Z,$ i.e., the even numbers, it would conventionally be described as a conditional equation with infinitely many solutions (like $\sin x=1$ above).
However, in the context of just the even numbers, this equation is considered an identity. The point is, the distinction between an identity and a conditional equation ultimately depends on the context.