Federal Tax Credit

[JOELANCASTER]

Hi All,

I have been trying to find out about the 30% ITC on solar panels, installation, and labor. Is there a maximum you can claim? or is it tied to your electric bill? We used 60000kw last year. Thanks

[RichardCullip]

No limit that I know of except you do need enough tax liability to use the credit. It’s not a refund but will lower the income tax you owe. I do believe you can carry over any unused credit into future years. Of course, check with a tax expert to be sure rather than take my word for it.

[Ampster]

No limit that I know of except you do need enough tax liability to use the credit. It’s not a refund but will lower the income tax you owe. I do believe you can carry over any unused credit into future years. Of course, check with a tax expert to be sure rather than take my word for it.

I have not been able to find a limit for solar or batteries. Other items like heat pumps and heat pump water heaters appear to have a total limit of $14.000. That is enough incentive for me to finish my heat pump/AC project and change out my gas fired water heater to a HPWH.

[JOELANCASTER]

I have not been able to find a limit for solar or batteries. Other items like heat pumps and heat pump water heaters appear to have a total limit of $14.000. That is enough incentive for me to finish my heat pump/AC project and change out my gas fired water heater to a HPWH.

I have been searching and reading and I got the same result. We will definitely consult the tax expert before making the purchase. Thanks all.

[Mike 134]

any info here?

Energy Incentives for Individuals: Residential Property Updated Questions and Answers | Internal Revenue Service (irs.gov)

[Ampster]

I have been searching and reading and I got the same result. We will definitely consult the tax expert before making the purchase. Thanks all.

I should have also mentioned that some of those credits or rebates are capped by some income limits. I will be waiting for my tax experts summary as well.

[JOELANCASTER]

any info here?

Energy Incentives for Individuals: Residential Property Updated Questions and Answers | Internal Revenue Service (irs.gov)

nothing specific to solar regarding maximum. Thanks

[RichardCullip]

Hi All,

.....We used 60000kw last year. Thanks

Wow, that's a lot of electricity! I used 5,500kWh last year. You are using almost 12 times that.

[JOELANCASTER]

Wow, that's a lot of electricity! I used 5,500kWh last year. You are using almost 12 times that.

The EV car charging is a chunk of that (80-100 miles per day).

[RichardCullip]

The EV car charging is a chunk of that (80-100 miles per day).

That will do it....

[J.P.M.]

The EV car charging is a chunk of that (80-100 miles per day).

So 100 miles/day * 365 days/yr. =36,500 miles/yr. At, say, 2.75 miles /kWh that comes out to 36,500 miles/yr. /2.75 kWh/mile ~ = 13,272 kWh/yr. Where do the other 46,000 kWh get used ?

Is that 60,000 kWh/yr. for a home or other enterprises like a small fsrm or small business as well ?

Similar to Richard, I use about 7,000 kWh/yr. total per year. in a warm climate and a 3,100 ft^2 home (but no EV yet)..

[JOELANCASTER]

So 100 miles/day * 365 days/yr. =36,500 miles/yr. At, say, 2.75 miles /kWh that comes out to 36,500 miles/yr. /2.75 kWh/mile ~ = 13,272 kWh/yr. Where do the other 46,000 kWh get used ?

Is that 60,000 kWh/yr. for a home or other enterprises like a small fsrm or small business as well ?

Similar to Richard, I use about 7,000 kWh/yr. total per year. in a warm climate and a 3,100 ft^2 home (but no EV yet)..

It's 3700 square feet house and two a/c unit. 1 green house with fan running every day during summer and heater in winter. 288 square feet storage with a/c running 24/7. 1500 watts parking light running full time at night. 1 well water. I can upload picts of my bill.

[J.P.M.]

It's 3700 square feet house and two a/c unit. 1 green house with fan running every day during summer and heater in winter. 288 square feet storage with a/c running 24/7. 1500 watts parking light running full time at night. 1 well water. I can upload picts of my bill.

Thank you for the response.