First, you need to thank your lawmakers for extending the solar tax credits for several more years with their recent passage of the “Protecting Americans from Tax Hikes Act of 2015.”
In the right area with the right installation, a solar water-heating system and/or a solar electric system can save you thousands on your utility bills and maybe even allow you to pocket some extra cash from selling energy to the electric company.
And then there’s the tax law. In addition to the basic economics, lawmakers gifted you a hefty 30 percent tax credit on the money you have to spend to get the solar equipment and system in place. This is a true 30 percent. There’s no limit on the amount you can collect from the 30 percent tax credit.
Warning. This is tax law. There are rules you need to know so you can qualify for and get your rightful tax benefits from the IRS. And some of the rules, as you would expect, are downright tricky. ... Log in to view full article.
