Solar Panels... wachagot?

[jedmonds]

Originally Posted by Krash

Exactly. So if I have a non-refundable tax credit of $9000 for solar power, I can’t use it to get a refund or increase a refund. That was my point. I almost always net out come tax time or get a refund. I never owe any money.


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I can see where it may be confusing. At the end of the year, when you do your taxes, if you don't owe additional taxes or get a refund you think you are not eligible for the tax credit. The tax credit does not work like that. The tax credit is against all the federal taxes that have been collected for the year from each paycheck (since you mentioned you are a W2). If you look at your last years tax return on form 1040, look at line 24, this is your total tax. If your solar tax credit is less than this line, you would get the full solar tax credit.

The year I received my tax credit, I was already receiving a refund from the IRS, when I added the tax credit it was the original refund + about $8k solar tax credit.

[gerzzzzz]

There's a lot to consider like installation, the durability of the system over time, potential savings on electricity bills, and the value of contributing to a greener planet. It's not just a straightforward purchase; it's an investment in future energy independence and sustainability.

I also considered how technology advancements might affect my decision. It's true that solar technology evolves, but so does the efficiency and lifespan of new panels. This could mean that even as the tech gets older, it still remains relevant and useful, offsetting its initial cost over time. For anyone on the fence, it's worth looking into all aspects, including potential tax credits and how it aligns with your energy consumption and environmental goals.

For those interested in exploring more about sustainable living and energy-saving solutions, visiting https://leds.to/ might offer additional insights and options that could complement your energy strategy, especially in understanding how efficient lighting plays into overall energy savings.

[Zartan]

I’ve been following solar development for over thirty years. The prices and quality are excellent today. It really comes down to how much Sun you get, if you own a home and do you want to offset your climate footprint a bit. The tax breaks help to offset the upfront costs. One note my installer suggested and made sense to me was to not complete with the electric company, so make a system that generates around 60 percent of what you use on any given day. A 9kw system costs much more than a 4.3k system for example. That way when and if you’re ever a net producer of energy you won’t feel bad getting paid peanuts by the local company. Speaking of peanuts, my bills average 100 a month, for around 15 years now. They do work well here in the southwest.

[996marty]

Having had a good system (LG panels made in the USA )I would recommend anyone that buys into solar needs a battery as feeding back into the grid can get you screwed over. The tariff for feeding back into the grid in Australia was ridiculously low that’s why I suggest storing it yourself and hopefully being self sufficient

[piratfisk]

Originally Posted by 996marty

Having had a good system (LG panels made in the USA )I would recommend anyone that buys into solar needs a battery as feeding back into the grid can get you screwed over. The tariff for feeding back into the grid in Australia was ridiculously low that’s why I suggest storing it yourself and hopefully being self sufficient

I agree with you here. In my mind, if I'm going through the acquisition & installation process, I might as well go "all the way" & install batteries. Kind of an "in for a penny, in for a pound" mentality.

[Fleetlord]

Solar Industry is totally geared to separate a person from their money.

https://www.youtube.com/watch?v=5qOad1aKDjs

https://www.youtube.com/watch?v=IS_-yfKdE6s

IMHO it's the used car section of the home improvement industry.