quote:

Originally posted by Gustofer:

quote:

Originally posted by nra-life-member:
With the Federal Solar tax credit - does anyone know if the Tax credit is off just W2s, 1099's, Capital Gains? Or all income combined?

As I understand it, it is all income combined. It may be going away in 2023 though (or significantly reduced). Also, many states offer rebates and/or deductions as well. MT, I believe, is $1000 up front plus a yearly deduction.

I believe the tax credit last year was Federal rebate of %26 of the cost of the panels and if you replaced the roof for panels. You are eligible for %26 rebate on the cost of the roof as well.

Not sure what 2022 numbers look like.

Teslas back to panels only, no more requirement to get the batteries, imagine they took a hit on sales doubling the costs of the systems, not only that but a lot of people don't want a house full of batteries attached to the garage wall...

Also if you currently get the max return when filing using the standard $25K deduction, then it's doubtfull you'll ever get the 26% off the system via tax rebates since you won't have the tax base to cover it.

You need to have enough taxes you pay in order to get the tax rebate, if not, then lease it and let them get it and reduce the monthly fee over buying it.

quote:

Originally posted by myrottiety:

quote:

Originally posted by Gustofer:

quote:

Originally posted by nra-life-member:
With the Federal Solar tax credit - does anyone know if the Tax credit is off just W2s, 1099's, Capital Gains? Or all income combined?

As I understand it, it is all income combined. It may be going away in 2023 though (or significantly reduced). Also, many states offer rebates and/or deductions as well. MT, I believe, is $1000 up front plus a yearly deduction.

I believe the tax credit last year was Federal rebate of %26 of the cost of the panels and if you replaced the roof for panels. You are eligible for %26 rebate on the cost of the roof as well.

Not sure what 2022 numbers look like.

The IRS hasn't made a clear ruling on the cost of the roof being subject to the credit.

The credit is for total system cost, including install. If roof repairs are necessary for the install, you could make the argument that it's part of the whole upgrade cost. It's not slam dunk, but people are doing it. BUT I would ONLY claim that portion of the roof repairs that directly supports the panels, not the entire roof.

quote:

Originally posted by Aeteocles:

quote:

Originally posted by myrottiety:

quote:

Originally posted by Gustofer:

quote:

Originally posted by nra-life-member:
With the Federal Solar tax credit - does anyone know if the Tax credit is off just W2s, 1099's, Capital Gains? Or all income combined?

As I understand it, it is all income combined. It may be going away in 2023 though (or significantly reduced). Also, many states offer rebates and/or deductions as well. MT, I believe, is $1000 up front plus a yearly deduction.

I believe the tax credit last year was Federal rebate of %26 of the cost of the panels and if you replaced the roof for panels. You are eligible for %26 rebate on the cost of the roof as well.

Not sure what 2022 numbers look like.

The IRS hasn't made a clear ruling on the cost of the roof being subject to the credit.

The credit is for total system cost, including install. If roof repairs are necessary for the install, you could make the argument that it's part of the whole upgrade cost. It's not slam dunk, but people are doing it. BUT I would ONLY claim that portion of the roof repairs that directly supports the panels, not the entire roof.

We needed a new roof. Badly. Had a couple small leaks and it was the original builder roof. Had the solar company put on on and we financed it along with the panels. %1.49 = Free Money.

Got the %26 Federal rebate for the whole shebang.

quote:

Originally posted by myrottiety:

Got the %26 Federal rebate for the whole shebang.

I think technically, you'll have to wait a few years for the audit window to close before declaring victory against the IRS.

But, yeah, same here, the solar installers lifted my concrete tiles to inspect the underlayment and determined that we needed new underlayment, otherwise they wouldn't warranty the solar installation against leaks.

Out of an over-abundance of caution, I split my roof repairs up into two separate projects (incidentally spanning two separate tax years). One project was just the underlayment necessary for the solar installation. The other project was the rest of the roof.

If the IRS ever decides on a clear ruling, my money is that they'll draw the line around where I guessed--that roof repairs *necessary* for the solar install would be subject to credit, but simply being installed by a solar company, or ancillary to a solar project, would not be enough. Otherwise, why stop at a roof? Why not have a solar installer with a general contractor's license build out a new bathroom and slap it on the same solar panel invoice?

Looks like three years or six years depending on if the fraud was 25% or more of what you should have paid. Also, since you’ll be adding the cost to the basis of your home, you’ll be on the hook when you sell your home as well.

Installed a Grid-Tied ground mounted system

SREC credits and once a year payback from electric company for any unused generated power generated

SREC takes 7.5% IIRC there may be other companies out there

If I add batteries in the future I will need different inverters or Tesla battery Power packs can be plugged into the wall for charging (Probably not as convenient as a Grid-Tied with battery backup).

This message has been edited. Last edited by: nra-life-member,

I’m, probably, about to buy a condo in Miami - but I might buy a house in a little while.

I’ve been looking at a solar system, with a battery, specifically because a generator also hooks into the battery, and permit the use of a smaller generator/cut the hours a generator runs to keep stuff running.

My average monthly electric bill is $150, and my serving utility does not buy back. I have plenty of tax to offset, and plenty of land with good views of the sun. I still can’t figure a way to make solar pay so far. Either my price for power has to go way up, or the cost of solar has to drop. Am I wacky?

I think it’s a matter of hours of sun, and angle of the sunlight.

It makes lots of sense in The Texas Hill Country - our co o pushed it, to cope with the increased demand from a rapidly increasing population, but the residential heaviest use in TX is also during peak solar production, and we rarely have cloudy days.

quote:

Originally posted by Stlhead:
My average monthly electric bill is $150, and my serving utility does not buy back. I have plenty of tax to offset, and plenty of land with good views of the sun. I still can’t figure a way to make solar pay so far. Either my price for power has to go way up, or the cost of solar has to drop. Am I wacky?

No, you are not. In many ways, it's far cheaper to make your house more efficient, than to go solar. More insulation, better windows, etc.

One of my acquaintances has a large, older home. He was amazed at how much having the ducts sized properly, and doing insulation and windows.

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Originally posted by Aglifter:
One of my acquaintances has a large, older home. He was amazed at how much having the ducts sized properly, and doing insulation and windows.

I dropped my electric bill from $220.00/mo to $126.00/mo by buying energy efficient appliances, energy efficient HVAC and an energy efficient pool pump.

It was amazing how fast the bill dropped.

We're getting dual-pane low-E windows this week; still have the original single-panes on.
Already have solar but no battery.
We'll see how much the windows help with the electric bill--we still have about $1300/year "true-up" with SDGE.

My brother is in the process of having a ground based system installed. He is doing batteries but they are not lithium ion batteries. His batteries are lithium iron IIRC. They are a little heavier and bigger but have several advantages for a static system of which you don't have the same fire hazard is a big one.

When installed, he'll be able to run everything in his house and will be completely off grid.

Old thread but I think with the increased electricity rates over the past few years and currently about double (it seems), I’m pretty sure I’ve reached break even this summer. At today’s rates, I think I’m banking more than $5k a year now.