Solar Tax Credit For Vans
We are not tax professionals and we recommend talking to your CPA about the 26% tax credit for solar, Tax Form 5695. What we can tell you is that our clients have had no problem claiming this tax credit since the very beginning. We intend this information to be resourceful for you in helping you make the transition to solar and save money in the process!
The tax credit is a deduction off what you owe, so you'll need to owe federal income tax in the US for this to apply. However it applies to the entire cost of your system and 26% can lead to some serious savings. Take a look at the example calculation below:
TOTAL SYSTEM COST: $20,000
26% TAX CREDIT: $5,200
NET-INVESTMENT: $20,000 - $5,200 = $14,800
The $5,200 is deducted from the taxes that you were going to pay at the end of the year depending on your federal income, say you owed $10,000. The $5,200 would be reduced from the $10,000 so you would only owe $4800 and the deduction would lower your net investment for your solar.
Taxes follow a paper trail and because you are purchasing your entire system from Tiny Watts Solar you will have an itemized sales receipt for your tax records. Here is a link to a CPA tax professional, Heather Ryan who is very familiar with the credit and the lifestyle solar freedom!
Click the link below for the updated article discussing the recent extension to the tax credit. If you have further questions regarding tax specific questions I would reach out to Heather directly on her site.