The Solar Tax Credit Explained [2024]
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- Опубликовано: 30 сен 2024
- In this video, we explain what the solar tax credit is, how to get it, and potential cost savings. If you enjoyed this video or found it helpful, please consider subscribing to our channel!
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I've been working as a residential solar consultant for 6+ yrs and this was the most comprehensive video I've seen explaining how the tax credit works and FAQ's around it. Thank you! I will be sharing with others.
Thank you, appreciate the feedback!
My question is I sign up for lease for 20 years do I have a credit return from the federal ,
I just filed mine and got the full 30% ITC I expected and a little more - YEA. Retired with limited tax liability, I took a large disbursement from our IRA and had 30% in taxes withheld. So I made a LARGE downpayment and now will get the full $16K from the ITC. Will pay off my system when I receive the IL Shines SREC check.
So basically as long as you pay federal taxes year to year you will eventually get a 30% rebate from the overall cost and any local rebates is available??? If you can buy used or even new solar and do the work yourself and save more money that way than the 30% isn't worth it? I would rather spend 40 hr learning how to install solar then pay a company $15,000 just for the install work. Or at least look for someone that will do the work themselves, there are way to many companies/contractors out there that sit their A-S in a chair and charge you more when they pay someone else to do the work (stop the middle man).
Is it true solar prices have gone down over the last 10 or so years??? Maybe the price for the equipment but labor is probably twice as much as before.
can you please clarify 30 percent federal solar tax credit if its on the total value of net installation cost or minus Renewable Energy Credit ? For example if the installation cost without any incentive is 30 k and then you get energy credit 15K ... is 30 percent calculated on 30 k or 15k for federal tax credit ?
It would be on the 30k installation cost
What happens if you exceed the amount of years u can roll over the credit but haven't had enough liability to receive the full credit over that time frame?
There’s a lot of information regarding this but from what I’ve gathered is, you qualify for a 30% tax credit until 2030 then 26% in 2031 and 20% in 2032 then it expires (numbers can be wrong don’t remember on the top of my head) so as long as you use it before 2030 you should be good. One more thing I want to add is some have been saying you can still use the tax credit from whatever amount you pay in taxes from your W2 doesn’t just have to be when you owe money. Not sure about the second part or what you’d have to do to do that
@AXELROB12 ok thx so much 4 the info!
@@feefee2 You’re welcome I’m only looking into this because my aunt was scammed from a solar company recently so I’m trying to gather a ton of information! Stay safe ^^
@AXELROB12 I have some already too. They are broke and ofcourse the company went out of business. We are having trouble finding some1 to fix them. I wish I never got them!
@@feefee2 Sorry to hear that happened to you. The last thing you want to hear is people saying “do your due diligence” when the damaged is already done. I’m surprised the government hasn’t implemented laws to protect its citizens from this abuse. A law needs to be implemented that if a contract is being made a company should be required to film the conversation and if the information is misleading it should void that contract. Hope you find someone to fix them fee fee ❤️
I went to someone to prepare my taxes and she said the cruder I will receive is my own money. The money I paid in taxes. Is this true? Because if so this whole tax credit is false.
Yes it is true. A tax credit is by definition a dollar-for-dollar amount taxpayers claim on their tax return to reduce the income tax owed. If you didn't pay income tax there's nothing to credit back.
Useless information you’re not really showing how it’s filled out step-by-step
Dang you need him to breathe for you too? Figure it out
There are specific instructions about filling out the form directly from the IRS as well as a pdf copy of the form everyone needs to fill out to claim their tax credit on this IRS page. I share this with all of my clients when they have their solar installed.
www.irs.gov/forms-pubs/about-form-5695