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Old 07-14-2009, 03:17 PM
 
45 posts, read 179,851 times
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I am looking into installing a solar power system on my home. My question is basically what is the tax credit. I know the Federal Gov't has a credit of 30% after any utility credit payments. Is the credit a refundable credit, like the First Time Home Buyers credit, or does it just reduce your tax liability and the remainder is carried over to next year, and so on... Any help would be greatly appreciated. Thanks.
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Old 07-18-2009, 08:35 PM
 
Location: Fredericksburg, VA
738 posts, read 3,567,340 times
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I'm pretty sure it's the second. You get 30% back on your taxes, and it carries over if it's too much for one year.

You should check with an expert first though. (I'm partially trying to help by bumping up your thread)
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Old 07-20-2009, 04:55 PM
 
45 posts, read 179,851 times
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Thanks for the help. I have a tax man looking into this now, and once I get word back I will post.

The reason I ask is that the solar companies show the cost of the system, less the utility payment. This is the up front cost of the system. They then show state tax rebates and then the federal tax credit to get to a smaller bottom line price. Just wanted to see if this bottom line was what would be out of pocket in the end or not really if the tax is carried over year to year.

Again Thanks for the help and replies (reply so far...)
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Old 07-20-2009, 06:37 PM
 
Location: Minnysoda
8,637 posts, read 8,537,756 times
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Quote:
Originally Posted by uscg200 View Post
Thanks for the help. I have a tax man looking into this now, and once I get word back I will post.

The reason I ask is that the solar companies show the cost of the system, less the utility payment. This is the up front cost of the system. They then show state tax rebates and then the federal tax credit to get to a smaller bottom line price. Just wanted to see if this bottom line was what would be out of pocket in the end or not really if the tax is carried over year to year.

Again Thanks for the help and replies (reply so far...)
They local Utility is buying any potential power Which utility is that?
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Old 07-20-2009, 07:00 PM
Status: "0-0-2 Game On!" (set 5 days ago)
 
Location: The beautiful Rogue Valley, Oregon
7,308 posts, read 15,363,150 times
Reputation: 9493
The Federal tax credit for our solar thermal system (provides most of our hot water) has to be taken over 2 years and it's a tax reduction, not a straight rebate. Many states also have a state tax credit as well, although my state will only do the credit for a "certified" system.

If you install a grid-tie system, some utilities buy power back, and some don't. You should be able to find something on the web site of your power company. My utility won't buy anything, but they will credit you a percentage off your future purchases.
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Old 07-20-2009, 10:41 PM
 
45 posts, read 179,851 times
Reputation: 22
When I stated the utility is giving a payment, I meant they pay the solar company 30% of the total cost of the system. After that I pay for the rest. The utility company then puts in a net meter system. They credit me for extra energy (store up credits in the winter when I will not use as much power then use the credits in the summer when more power is needed). That is how I understand it to work here anyways.

Thanks for the info on the solar hot water tax credit. I will post when I hear more info back on the solar system.
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