Using the Sun to Shrink Taxes

Written by Peter Tran

June 12, 2017

solar power has come a long way in recent years.  InCReased production has reduced costs while advances in technology have inCReased the efficiency of solar panels. InCReased regulation and rising fuel prices have made traditional forms of electricity more expensive.  At the same time, state and federal tax CRedits are offsetting much of the cost […]

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Solar power has come a long way in recent years. Increas production has ruc costs while advances in technology have increas efficiency of solar panels. Increas regulon and rising fuel prices have made traditional for of more expensive. At same time, state and feral tax crits are offsetting much of cost of installon and causing many homeowners to give solar energy a second look.

Is time right for you to go green? Today, we’ll discuss some of efficiency gains and cost savings that solar energy has experienc in recent years and take a look at tax crits available to those who add solar energy to ir homes’ electrical grid.

According to Julie Litwin, a consultant with Berkeley Springs-bas MTV Solar, overall cost of residential solar has decreas by approximately 40% in recent years while amount of energy produc per panel has increas 10-15%. An additional perk for West Virginia solar users is state’s status as a “Net-Meter” state. This means that homeowners with solar arrays can actually sell ir unus energy back to electric company. “Think of it as roll-over minutes for your electric bill,” says Litwin.

Solar Tax Crits Ruce Cost: re are currently two primary tax crits available to WV residents for installing solar panels in ir homes: Feral Residential Renewable Energy Tax Crit and WV Residential Solar Energy Tax Crit. Both crits are non-refundable, meaning that each can ruce your tax liability but cannot generate a refund beyond withholdings and estimat tax payments made during year. How much will se crits ruce cost of adding solar energy to your home’s electrical grid? Let’s take a look at each.

Feral Residential Renewable Energy Crit: Residential Renewable Energy Crit was enact in 2006. Through 2008, crit offer a non-refundable tax crit of 30% of cost of solar electric syste plac in service, but crit was capp at $2,000. For tax years 2009 and after, however, crit cap was lift. Feral Residential Renewable Energy Crit will reimburse residential homeowners for 30% of cost of solar electrical syste (and or for of renewable energy) plac in service in those tax years. Installon costs can be includ when detining amount of crit. crit can be claim on primary and secondary residences. Rental homes, however, will not qualify for this crit. Crit is claim on Part II of Form 5695, Residential Energy Crits. Any unus crit can be carri forward to following tax year.

WV Residential Solar Energy Crit: second crit available to West Virginia homeowners is Residential Solar Energy Tax Crit. This non-refundable crit will ruce homeowners’ WV tax obligon by 30% of cost of purchasing and installing solar energy syste (including solar heng, cooling, and hot water syste) up to a maximum crit of $2,000. Any unus crit can be carri forward to following year until July 1, 2014. Any crit not us by this date is .

What es this mean for aver homeowner? According to Litwin, an investment in 22 solar panels would ruce aver-siz home’s energy bill by up to 40%. estimat cost of such an array, including installon, is approximately $26,000 before applying any of tax crits discuss below. after-tax cost of such a system, however, would only be $16,200 ($26,000 minus 30% feral tax crit of $7,800 and $2,000 WV tax crit). Litwin says that customers are seeing an ROI (Return on Investment: time it takes for energy savings to pay for cost of system and generate positive cash flow) of between 6 and 9 years after applying tax crits.

Use sun to shrink your tax bill and, as always, please remember that this article is for informonal purposes only and es not constitute tax advice. If you should have any questions or ne assistance preparing your return or solving your own tax “proble,” please feel free to contact our office at 304 267-2594.

Julie Litwin of MTV Solar can be reach at 304-258-4733.

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