Solar Tax Credit - NOT what I EXPECTED
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- Опубликовано: 25 фев 2023
- The solar tax credit was a HUGE surprise. The claim is that if you go solar you will receive 30% of it back in form of credit. Solar tax credit/investment tax credit (ITC) was renewed in 2022 and will remain at a 30% Solar tax credit until 2032.
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The tax credit is not a check. It is a credit on the taxes you owe. So if you qualify for $10,000 credit but only owe $500 then you will only get $500 and the other $9500 will go forward
So you have to have a tax liability greater or equal to the credit to get the entire “credit” all at once.
There are no checks
Thanks for watching and commenting! 👍
What about if you paid more taxes and supposed to get a refund?
He should have just said that in the beginning and the video would have been much shorter
ok follow up question on your current example here - what do we need to do this year to get the $9500 full credit? How can we build tax liability? Do we need to change the federal withholding on our paychecks?
@@Bobby-nr1sx then you don’t get shit
The truth may hurt, but we need to hear it.Thanks for this.
Appreciate it! I am only sharing my experience. Thanks for watching and commenting 👍🏻
We had a 10.2 kW array installed in April of 2022. We got the entire 30% (about $6k) returned to us to pay off the short-term loan for that amount in 2023.
Thanks for watching and commenting 👍🏻
Do you know if the 3+ kw of storage device has to be one device or can it be a combination of units as long as it is greater than 3kw? I have bought (2) 1024wh power stations and an extra battery that is 1024wh for emergency home use and have also purchased solar panels to use with them. It makes sense that they could all be individual units since a lot of people combine 12v /100 ah but the wording is pretty vague in the information I have read.
I would assume that should be ok. However, I would recommend touching base with a CPA and confirming. Thanks for watching and commenting 👍🏻
You’re the man!
Much appreciated! Thanks for watching and commenting! 👍
Thanks for your help 👍👍👍👍
You are welcome! Thanks for watching and commenting 👍🏻
I’m having a 19.8kw system installed this year and paying $66k. That’s $20k back from the tax credit. I just got done with my taxes for the year and our CPA said we’d be getting $300 back every year from the tax credit until my kid turns 18 and we’d lose the child tax credit but will get back more from the Solar tax credit. It was a shocker for us, I thought we’d be getting more back than that a year. Very disappointing.
That's crazy! Thank you for sharing. I'm sure some are getting large amounts, but $300 on $20k would be very disappointing. Curious, did you go with microinverters or string inverters? Thanks for watching and commenting. 👍🏻
@@JustinsProject 48 x IQ8A paired with REC 400w panels. 19.2kW system. It’s going to be a ground mount raised in the air.
@@JustinsProject plus a 10kW battery
@@Tortri Awesome! That should do you great. I'm looking into moving mine to the ground. Wish I would had stuck to my initial plans and put it in the field. Congrats btw!
@@PixelatedTravelR Perfect!
Would I qualify for the federal tax credit if I pay a 3rd party (Plastiq) with a credit card and then Plastiq issued a check on my behalf to the solar company?
Note I am the owner of the panels
Honestly, I would reach out to a CPA for that answer. Thanks for watching and commenting 👍🏻
Hello, I recently installed a solar system on my sailboat which I live on. Can I qualify for the tax credit ? If so I don't know what to put for my address. I am usually at one address for half the year. The rest of the year I am sailing around. Thanks for any help !
That sounds pretty cool! Keep on sailing on. I honestly don't know if that qualifies. I would reach out to a CPA and ask them on that one. Thanks for watching and commenting 👍🏻
I have solar panels on my house but they are about 2yrs old . I guess the question is do they verify how old it is ? I did mess around with the turbo tax app and it does give me the credit back but it’s a different story submitting and actually getting the refund back
Not sure how that works to be honest. I would touch base with a tax pro on for that question. They might be able to get you a credit if you haven't claimed those panels in the past. Thanks for watching and commenting.
Did Turbo Tax say it was 5 years or what source did that come from? I’ve studied this extensively and cannot find the 5 years detail. The tax code from IRS doesn’t seem to have that language. The previous tax credit of 26% was good through the end of that term, which if applicable still would mean this 30% credit can be claimed until 2034 or when used up, whichever comes first. Hopefully the IRS will clarify this in the near future.
Love the channel. You are very knowledgeable and provide great info! Thanks for the videos.
P.s. though I don’t think you meant it to come across this way, not *all* solar companies are bad and lying to folks. But definitely need to call out the ones that are! It hurts the industry and people for sure.
My apologies, I misspoke. The new 30% will be 10 years. The 30 percent tax credit will last for 10 years until 2033, at which point it will drop to 26 percent. The credit rolls over as long as the ITC is in effect, so you don't have to have enough tax liability to use it all in one year. Thank you for watching and commenting! 👍
They quoted 20725 for 21 panels and he said I would get 6022 as federal . I asked IRS owes me a refund for $2000 cause I paid more taxes than I owed to IRS. he said u will get 8022
Hopefully, your tax situation allows for that. Good luck, and thanks for watching and commenting 👍🏻
Wish I did more research before going solar cause a company told me I was getting $10,000 back that I can put down on the solar loan to drop my monthly bill or spend it. I don't usually have a tax liability so I guess I'm not getting squat.
Thanks for watching and commenting 👍🏻
If you don't have a tax liability then you are making less than 30K a year. How can such a poor person even consider such a large purchase?
If you are buying a system then you need to stop withholding taxes so you can get most or all of the credit right away. I earned about 65K last year so my fed taxes were somewhere around $7K.
Thanks for watching and commenting
So i purchased my solar system last year with batteries. I have a 15000 tax credit. Should i claim excemp all year. So i can claim that tax credit.
You don't need to stop withholding taxes - it goes against the tax liability and will be included the credit in your refund check.
It is a tax credit, not a rebate. If your total federal tax was $500 and you apply $3300 (30% of the cost of your system) to the solar tax credit, it just reduces you total tax to ZERO. You will get a refund of the amount that was withheld from your paychecks that year(presumably the $500 and any excess withheld $$. If your total tax was $5300, your tax credit would reduce your total tax to $2000.
Exactly, it's a credit, not a rebate. I wish that many salespeople in the solar industry would make this clearer to consumers. Thanks for watching and commenting 👍🏻
Most people spending money on Solar have a decent federal tax bill. We are getting $17,xxx credit and typically pay $70,000-$80,000 in income taxes
Great news. I pay a sh$t-ton in taxes! Lucky me.
@@BSTatonka 🤣 right?! I’d rather use the money towards solar than giving it to the IRS to piss away
@@zettel29 100% agree!
Hi! So I just bought an eco flow Delta 2 Max with an additional battery putting me over that 3kwh.
I paid about $2k for the whole system.
Does this qualify? I’m looking for a clear answer.
Hopefully, we have a CPA in the community somewhere that can give a clear answer. Thanks for watching and commenting 👍🏻
I couldn't find the turbotax link below in your description. I hope you did not forget it or am I missing something .
I think it got removed in efforts to enhance the description layout. I will locate the link and get it added back. Thank you for the heads up.
I wish I had been 1000% more diligent in having solar installed. Mislead for sure. Not a fine print reader. A very costly financial blunder on my part.
Thank you for sharing
Justin, I just sent my taxes to my CPA last week. I've studied the requirements and feel like I will get my full 30%. I will let you know in a couple of weeks. That being said, I love my system and am like a kid at Christmas waiting on my electric bills. I have had 0 net kWh's at my condo and at my farm for the past four months with my ground mount at my farm. Keep up the great work on the videos.
Awesome, I hope you do get the full amount. I'm glad to hear that you are at net zero on the bill. Unfortunately, winter has been extremely cloudy for me. I'll share those results pretty soon. Thanks for watching and commenting 👍🏻
So what happened?
@@laubachm11 I got my full 30% tax credit back in a refund. I have been super happy with how my ground mount turned out. If you have the area and a few skills, it’s a no-brainer to put one in. Regarding electrical skills, I would say that since I worked for the power company for 40 years, i was not very concerned about making this work. But Enphase has this really figured out. Just plug it all together.
@Stoutluvr did you own taxes to IRS or IRS owned a refund cause u paid more taxes than you owed ?
@@Bobby-nr1sx my tax liability due to my income allowed me to get the full 30% back.
Man great video!! I fell for it in my solar system. I regretted doing this so much and now i just filed a complaint for alll the lies. I dont know whats going to happen, im even considering stopping payments and have them repossessed the system. Its sucks big time but lesson learned.
Thanks for watching and commenting 👍🏻
@tomaslopez4322 let us know if that works, cause we're in the same boat along with the rest of our neighborhood.
@@sidneyb9708 my Advice to all the viewers about buying a solar system is , dont do it, its not worth the hustle. You will end up paying more money, the loan payment and your electric company payment. You will save some money from your electricity bill but it will not make up for the loan payment you have to make towards your solar system. Youll be stuck with your contract for at least 20 years plus. AND the tax credit isnt going to make you feel better if you decide to purchase a solar system.
Yeah I agree but we're already in your same boat lol. They lied to us big time and I accept it's my fault for being stupid and trusting, oh well.
@@sidneyb9708 same here brother 🤷🏻
Need a little more info. Feel free to use hypothetical figures. So how much did you pay in taxes compared to credit, etc???
I share a lot, but I can't provide the full details on my personal taxes. Hope you can respect that. Thanks for watching and commenting 👍🏻
Everyones tax situation is going to be different. I guess the best way to get a real estimate would be to download a software like turbotax or H&R Block and just input your 2023 estimates in the software now (2022). Considering its the same rules and the same 30% in 2022 and 2023. The results should be similar when you file in 2023 (considering your earnings are similar in both years)
Momentum Solar got us. They lied.
Sorry to hear that.
You might be able to buy a few dozen of eggs with that $300! 😂🤣
🤣 True, I might have to invest in some laying hens 😁
Also doing the install yourself causes this problem and created a huge amount of other problems with incentives, utility interconnection and inspection.
That's not true. I became a certified Enphase installer and did not have any issues with utility company or inspection. Do it right and follow all the requirements. I followed fire codes, building codes and electrical codes. Documented every penny spent, and all $$$ spent was eligible for credit. Just could not charge for my labor. Everything else was good to go.
@@JustinsProject it has nothing to do with being a certified installer. It has to do with the county permit and utility require a independent engineering stamp or AHJ. If you don't have that the county won't issue the permit, without the permit and engineering stamp they won't allow you to interconnect. Without interconnection and permit you can't get tax exemptions (if available) or Srecs (if available) the tax credit you can get.
@dbsimmons I designed the solar permit, then submitted it to planning and zoning for approval. I got the stamp of approval. I also handled the tariff agreement with the utility company. I received the approval from them also. I passed all inspections. The 25-year warranty definitely matters whether the installer was Enphase certified or not. If you are not certified, then the warranty is only 10 years by Enphase. The 25-year warranty is only available if installed by a certified installer.
@@JustinsProject being certified did matter with warranty. It might be your state or county is more laxed with the AHJ but every state I've installed in required it.
@dbsimmons I provided the engineering documents along with the 1 line electrical diagram to the AHJ. It was over 20 pages of supporting documents I provided to them. They were a little relaxed but not a guarantee approval for sure.
Up in Ontario, Canada, no tax credit for me 😅 Despite the province claiming they want everyone to go green
My in-laws live in Toronto, and they tell me Solar is terribly expensive up there.
@@JustinsProject That it is. I shouldnt complain too much though. Theres a government grant that can get you 1K$ per 1KW DC installed ( up to 5K$) so soon I should revieve my 5K$ soonish. Thats gonna take a big bite out of payback period
I imagine you could only receive the full credit if you had already paid at least that amount in for taxes.... They are not giving you money that you didn't pay in the first place. It's a CREDIT not a gift.......
He is trying to inform people of this exact thing, despite the fact there are shady AF solar installers out there telling people the opposite
Exactly 💯... There are solar companies (national and local) that know this but are being shady and telling people that they are going to get a credit to help offset the overall cost of their system. To convince people to sign a contract. I had it personally attempted on me. Fortunately, I wanted to build my own system anyway and dodged that bullet.
Could you tell us what system you’re using?
By system, do you mean solar system? Enphase. Thanks for watching and commenting 👍🏻
@@JustinsProject yes exactly, what solar panel system 🤩
This is very broad information perhaps if you could do somewhat of a multi-scenario video so you can give the people a better understanding. It sounds like if you’re not paying a lot in taxes, it’s not convenient to rely on the 30% tax break. However if you’re paying a boat load in taxes you should receive a full refund within those 5 years or less.
Every scenario will be different. I intended it to be very broad. I just wanted to share my experience with it. It doesn't mean it will be the next persons experience. All the sales pitches that I hear are that everyone can go solar and get a fat check back. It's not true for everyone. I just want to shed some light on that because I think it's important for people to be aware it really depends on their tax situation. Thanks for the feedback, watching and commenting 👍🏻
Your family is disappointed that you don't understand taxes AT ALL.
Can you claim your own labor time?
I wasn't going to try, but it might be possible. I would definitely run that by a CPA. Thanks for watching and commenting 👍🏻
I love the part where you explained why you only got $398
I'm glad you enjoyed it
So you only had a $300 federal tax liability? Must have a ton of other deductions, or very little income?
Thank you for watching and commenting! 👍
It appears that about 1% of Americans understand taxes.
My salesman told us we were getting 15,000 back. We got 6,000. And the irs then said we will get another 6,000 next year. Then the remaining amount the year after.
Good news is that you will get it all back eventually. The bad news is that you didn't get it back all at once, like promised. Thanks for watching and commenting 👍🏻
What state do you live in Im debating on going solar my self there saying about the same $11,700 back
@@dare1ner Texas.
@@defendingthefaith.7889 thank you for the reply
So you got a $6000 in the form of a refund is what you are saying? Or did you owe taxes and the $6000 was applied to that?
Taxes are theft but thats why its called a credit.
Thanks for watching and commenting 👍🏻
So you got the Tax credit , you just didn't pay hardly any income taxes . Retired / disabled ?
Paid my fair share of taxes. My wife did also. Unfortunately, not sure if being self-employed hurt us. That would really be a shame. Small businesses used to be the backbone of America but a shrinking group. Thanks for watching and commenting 👍🏻
@@JustinsProject Business gets the 30 % as well , I'm sure you have consulted a CPA that knows the current tax law though .
Can't claim it on personal and business, especially if it's on a place of primary residence.
If your off grid with the proper battery storage you'll pay so much for the Solar system that getting a regular electricity bill will be nothing compared to paying for such a system not to even mention interest if you finance. Also in on grid systems there not a paying anything for electricity going back into the grid becuase they give you the wholsale price of electricity that the Utillitie buys it for which is nothing. The Tax credit is only good if you pay alot of taxes if your retured with little income you won't get anything. Is probably a better deduction for companies that are investing in solar power. I stopped form building my own system even that wasn't a good deal. The equipment does wear out at a point and that has to also be taken into account.
Thanks for watching and commenting 👍🏻
1) If you live off grid and need an energy source solar is arguably the best option and most affordable. if you cant afford it cash you can finance the entire system with $0 down with payments that dont inflate on you like your utility would. When its paid off, free energy! unlike your utility that is an expense youll never stop paying. 2) Every Utility company offers different types of programs for homeowners "post solar". net metering means utility buys it back at 1-1 at the rate they charge you in any given month. if you generate excess in any specific month, then theyll buy it back at wholesale and credit your account for next billing cycle. 3) Tax credit is not only good if you pay a lot in taxes, its built for anyone who has taxable income with tax liability. Stop feeding incorrect information regarding solar, because you couldn't be more wrong.
Go exempt all fuckn year. Im getting my money some way. I got tricked by my solar agent. He said I'll get it back in a check
That is the main reason I made a video on this topic. It is all situational. Everyone's situation is different, and it's no guarantee. Thanks for sharing. I had to pay taxes this year and only got $280ish back in the credit, all though there is like $3000 remaining.
You would get the full amount if you paid in the taxes which the average person does. If your adjusted income is well below the average what you're saying could be true. Also the carry over is as long as the credit is still available. As of now it's thru 2032.
Self-employed, small business owner. We pay a fair share of taxes. Issue comes when you separate a business from personal. It's not always as cut and dry as it seems.
@@JustinsProject being a business you also get accelerated depreciation and if you live in a rural area you might get a reap grant. The tax credit is as simple as after you do all your deductions you pay more than the tax credit you get 100%. The confusion might be it was used as a tax deduction vs a tax credit.
@@dbsimmons I was not able to claim it on the business side for any deductions. The solar system was installed on my personal residence and not for business purposes.
@@JustinsProject oh you mentioned you were self employed and a small business. If it was sout of your home you could have claimed it.
This isnt complicated. Only people that do zero research will be upset. you get your 30%.
Most people get the 30%, not everyone though. It is simple, but how do people do research if others aren't talking about it? Some people need to know there are some "not all" companies lying about the lump sum you get back on the first year. It's not complicated unless you have a complicated tax filing. Not everyone works a 9 to 5, which is simple filing. Not everyone invests in FX, has rental properties, owns a business as a sole proprietor, many does side hustles, earns royalties, maybe does RUclips, as 5 kids, may they don't hold enough annually, maybe they are on social security... the list goes on and on. So all I'm saying is that every tax situation is different, and solar reps claiming lump sums should explain that. Thanks for watching and commenting 👍🏻
@@JustinsProject My point is people do not educate themselves. Even watching your video is not educating themselves because you never know who has correct information and who does not. All of the info people need is at their finger tips in todays world, no matter what job they have. If you are about to drop 20k or more on a solar system, you you should know exactly what you are getting yourself into. Sadly, people are too damn lazy to read.
@@reid1boys I understand that for sure. All I can do is share my experience as honestly as possible. Maybe it will help someone out there. We all make mistakes along the way. The important thing is that we can learn and help others from making the same mistakes.
Would like a little more detail as to why you only received 10% of what you were expecting. Was it because your federal tax liability was so low for the year. The system we are about to install would supposedly get us back 23K in federal tax credit. My wife and I paid in over 30K in federal taxes in 2023 and even after deductions will probably be over 20k owed to the federal govt for 2023. Are you saying that we still will not see close to 20k check?
I got back $200 in credit this year. I have received a whopping $500 in credit in 2 years. I am not sure why we are not getting more credit. We still have to write a check this year. I was hoping the credit would help more this time around but so far we haven't benefited like some others have with this credit. Slowly but surely, I guess. 😂
@@JustinsProject Apparently you are paying very little tax. Shouldn't you be happy about that?
Watched the video and you didn’t say why you weren’t getting the full rebate this year, just that you weren’t. Why didn’t you? You income above a certain threshold?
Because I don't know why 😁 I just plug in the numbers. Lots and lots of numbers and different tax situations. The final result was what I shared.
you have to pay taxes in order to get the credit back
Thanks for watching and commenting 👍🏻
and virtually EVERYONE who can afford to get a solar system makes enough to owe taxes.
You can just reduce the taxes you pay in your paycheck weekly to owe more taxes at the end of the year to use the tax credit fully.
Tried that, I am a self-employed small business owner. Actually, this year, I got even less credit than last year. $250. 😂 I still have pay, so I am not sure why the credit isn't offsetting the amount due since I still have about $3000 remaining in my credits. Maybe next year will be the year 🤔
Yeah it's pretty simple but it appears that almost nobody here understands this.
The only thing that Solar Panels really did for me was to lower my property taxes for the next 3 years. Other than that, I spent over $50k and will never see that money as a credit but only a discount on taxes.
Thanks for watching and commenting 👍🏻
A discount on taxes? That is the SAME THING as a credit.
Not a good example. Nationwide program at 30%. Hes right if you only have a tax liability of $500, you will only get $500. If you make minimum wage, you may possibly get $7k back if you are in the 20% bracket. Not 100% confirmed, but my understanding is from 2023 on, it can be rolled over for 20 years due to the Inflation Reduction Act. If you don't claim in come or pay taxes, it may not benefit you. If you are W2 or 1099, most will get it back as intended. While in his case he did not, probably the other 97% of the USA will.
I am just sharing my experience. A real-life example is always a "good" example.
The problem is if your not a buisness owner and get a w2 like most people you don't owe taxes at the end of the year a 30k tax credit will take 100 years to pay off because I rarely ever owe taxes
I would consult a CPA if you work a regular W2 and see if they could help if you're planning on going solar and rely on a credit to recoup some of the investment. Thanks for watching and commenting 👍🏻
Not true. Tax liability is about line 24 (TOTAL TAX LIABILITY) on your 1040.. Has nothing to do with what you have paid or not paid already to the IRS..
@@rizwanmuhammad6468 then please explain to us what it takes to get the full amount back and why’s some only get 300 back? What is the factor here exactly? I work a job and get a w2, I never pay the irs, I always get a decent return. So how would this play out for people like me?
Have you ever heard of withholding?
You may not owe taxes at the end of the year but you ARE paying them the whole way. So stop paying them now so you end up with a tax liability that the credit will take care of.
I don't know who this guy talked to, that had him so misled.
But his experience is NOT typical.
I speak with people who have gone solar EVERYDAY.
Installed by a variety of reputable companies.
When I ask them...
"How do you like your Solar ?"
99% of the time I hear the same three words.
" WE LOVE IT "
I'm not kidding.
People who have their solar installed by a reputable company with a good track record for excellence and reliability...
Love their Solar🌅
And they love their big fat 30% tax incentive too.
And they are more than happy to brag about it.
I don't know why this guy didn't do better in his dealings... But that is on him.
It sounds like he got approched by some fly by night solar newbees that were misrepresenting the facts ... And he didn't look any further.
Perhaps if he had worked with a highly ranked, professional Solar Provider, he would have received the customer service that would have allowed him to benefit fully... In all aspects.
Including the 30% tax incentive.
That said...
Keep in mind...
A quality Solar system that is properly manufactured and professionally installed, should come with a 25 year full Warranty.
Does a DYI offer a 25 year warranty ?
If this man sells his home 10 years from now, will he be able to offer any potential buyers a 15 year warranty ?
Probably Not.
So...
If I were looking to purchase a home that had an existing Solar System installed..
Which would I buy ?
The home with the professionally installed Solar System with the 25 year warranty ?
Or the the DIY deal ?
Sometimes you get what you pay for.
I'm not convinced that this guy will save money, time, or trouble in the long run.
It's unfortunate, but it was the largest solar company in the USA that tried to mislead me and successfully misled thousands of people. Although they all were promised 25-year warranties and paid 2x the cost, what a system should cost, they have no one to turn to now. Powerhome Solar - AKA Pink Solar is now out of business. They closed their doors, and that means 1000's are left with no warranties now. Although this guy "ME" might not own a solar company, I did become a certified installer that qualifies the system for a 25-year warranty. I paid 1/3 the cost of an average system owner. My ROI will pay for itself in 5 years. I'm ok with having no tax credit. I love Solar and would recommend it to anyone under the right circumstances. There are legitimate and honest companies out there, but unfortunately, there are some bad ones out there also. I think it's only right to share the positives and negatives so we all can learn from that.
Dude, your ding for the bell button audio needs to be halved.
Did not know that. Thanks for watching and commenting 👍🏻
Love your videos, but this one should come down. 8 plus minutes of you venting is a waste of everyone's time... and more misleading than how you frame the tax credit.
Tax credits are very simple (this is for your viewers left confused by your venting as I'm certain you've now figured this out) - you owed/paid money (taxes) to the feds and you get dollar for dollar back on the credit. If the 30% credit ends up being more than you paid in taxes, well, that's unfortunate... you don't just get handed a check for the excess of what you paid in taxes. (Real world example - if you paid 10k in taxes and the credit amounted to 10k, voila, you get every penny back come tax season. If you paid 5k in taxes with a 10k solar credit, you only get 5k).
Most people getting the full rebate in 1 year (for any system of substance) aren't likely to be using turbo tax. When I'm paying 6 digits in taxes every year, I'm paying someone insured against any screw ups.
I hope you're able to regain the rest of your credit over the next year or two.
Keep up the good vids and dump this one!
I win some, and I lose some. Thanks for watching 👍🏻
@Mark-dk4ck speak to your tax professional because what you wrote down made very little sense.
I found out what you are talking about last year. You are not going get back anymore taxes than you paid. I got only $1700 of my $12000. This would work good, if you owed a lot of taxes
I owed a fair share of business tax this year. The rollover from last year is ridiculous. We got to use $212 credit this year. Still gotta pay taxes also. I'm not sure how that's possible if we still get near $2800 in the remaining credit. 🤔 shouldn't it offset the amount.
@@JustinsProject my man... you're confusing yourself with your business tax and your personal. Those 2 things arent' the same. you put solar on your residential house not your business, therefore you don't claim 30% against your business tax liability. You should have looked into how it works before you went solar
@Selling-Solar I'm not complaining since I installed it for the cost of materials and will see a 100% payback in less than 4 years. With or without the credit, I set myself up for success. 😎
So that means you only had a tax liability of 1700 for the whole year? It's important to note that "liability" does not mean the amount you could pay when you do your taxes(if you didn't withhold during the year for example).
I spent over $45k last year when a door-to-door solar salesman got me. I was interested in solar before and he caught me. They've since dropped the ball at every turn but at least my system is up and functional. I need the full tax credit to pay down my loan or else my monthly bill goes up $50.
I hope you get the full amount. Keep us updated. Best of luck. Thanks for watching and commenting 👍🏻
You keep saying "it is not true".
It wasnt "true" for you because you had almost no tax liability. It is 100% true for people who actually pay federal income taxes.
Also, there is no "5 year limit" on carrying over unused credit. Unused credit can be carried until at least 2032.
It isn't true for everyone. It isn't false for everyone. It is dependent on the owners situation. That is why anyone looking into solar on the idea of getting 30% back should dive a little deeper to make sure they are eligible.
Not all solar companies are telling you you're getting a check if somebody does tell you you're getting a check they're wrong, you're right on that. but you're making it sound like everybody is saying that you're going to get a check as long as you get the credit then you didn't have to pay what you normally would in taxes so you do have that leftover money as long as you qualify. your video makes it seem like all solar contractors are full of s***.
I am a solar consultant now for over a decade. I believe in having integrity and providing the best service I can.
I don't use bs tactics, I tell it how it is, it either does or doesn't make sense.
Of owning solar doesn't make sense due to individual tax situation then solar as a service is the next best option.
Bottom line is going solar is better than being at the mercy of the elelctric utility monopolies
It's true. There are some good solar companies out. But the big names you see on TV that built billion dollar brands... all out of business now. Gave a bad name to the industry. A lot of mid-size companies followed their business plan and, unfortunately, are doing similar things. I always recommend people to go with local businesses. They have to earn or have already earn the trust in the community. Usually, they offer high-quality work and ethical business practices.
Fixed income disabled veteran spent 94k on a system financed and it seems I got took. They lied. I make payments and the payment is about to go up unless the finance get the credit which I won’t even get. It’s a nasty business practice.
I wish more people would share their stories. Bad or good. The more information we put out there, the more informed we all can be. Thanks for sharing.
what kind of system did you even go for that costed 94k? a DIY only costs 20k for a 50kw system, even if you double that and then add 20k labour it's still 60k, where are you pulling your numbers from?
You basically didn't say why you didn't recieve more back. I assume you did not owe that much tacbis why you only got 398. This video is not helpful and you basically kept repeating yourself
Thx for the feedback
Justin - Great video. I'm hiring a field hand to help install my solar power system. Can the i get the 30% credit for the amount of money I paid him?
If they can provide a receipt that is for solar installation, I don't see why not. I would verify that with a CPA, though. Thanks for watching and commenting 👍🏻
We are getting $11000 back this year and then the remaining $4300 back next year.
Awesome! Thanks for sharing your experience. Appreciate you watching and commenting 👍🏻
Do you usually receive a "refund" come tax time? I've heard that those that do get the whole credit, and those that usually "owe" at tax time don't get it.
@@amorton94 I don't believe that's true. The tax credit is applied to your whole tax liability for the whole year.