Here you can find Solar Panels and technological accessories related to Solar Energy: Click Here If you want to learn about Solar...
Here you can find Solar Panels and technological accessories related to Solar Energy: Click Here
If you want to learn about Solar Panels, to advise you before buying or to build your own Solar Panel: Click Here
today I'm going to be discussing the 30 tax credit that everybody is raving about I just filed my taxes for 2022 and I think you're going to be very surprised on the tax credit that I'm going to be receiving for going solar definitely not what I was expecting but first for everybody that's new to the channel I built designed and commissioned my own 10 kilowatt solar system back in the summer of 2022 and my goal here on this channel is to provide the truth and going solar so when someone tells you that you're going to get this or you're going to get that I'm going to give you the truth of my experience what I received what I didn't receive and whether it was beneficial or not beneficial by going solar doing it yourself or hiring somebody to do it for you I have videos on how much it costs to build it how much I'm saving monthly and how to install something similar if you're a diyer also so if you're into those type of things you may want to consider subscribing to the channel tapping the notification Bell so when I put out new videos like these you get notified and probably most of importantly if you find anything helpful about this video be sure to smash that thumbs up button and let me know that I'm doing an okay job and something I want to cover very quickly is who actually qualifies for the solar energy credit and I'm going to leave this link in the description below so if you want to check this page out this is from TurboTax this kind of goes over if you're eligible or you're not eligible but we're going to touch on it really fast because I think it's important for this video and I'm just going to scroll down here real fast and look for qualified homes right here is where we want to look qualified homes this is what meets the criteria and how do you qualify for the solar tax credit just kind of read over this see if you qualify or not if you're going to go solar in 2023 2024 on up to 2032 I would recommend you to at least read these articles and see if you qualify for the tax credit one of the top questions that I receive about someone building their own solar system is whether they're going to receive a 30 tax credit if they do it theirself and they don't hire someone to do it for them and the short answer to that is yes 100 just make sure all the components that you buy are new never used and you keep the receipts for everything that it took to build your solar system in my situation I sourced all the equipment looking for the very best prices that I could find so I can have a faster return on my investment and if you're looking to do the same thing I'll leave some links in the description below that you may find helpful my 10 kilowatt solar system after counting every penny spent on it cost around twelve thousand one hundred dollars in theory if you've listened to a lot of people that's trying to sell you solar systems or to do the install for you we should be getting a big fat check for three thousand six hundred and forty four dollars that is if everything that those people are telling you is true however it's not true in our situation we're not getting anywhere near that three thousand six hundred and forty four dollar big fat check to go out and spend on whatever we want just because we went solar work with that said I want to provide you with a little bit more information than just telling you we didn't receive that I want to show you what we are receiving credit for and some information that supports what I'm saying here I filed my taxes using Turbo Tax and the good thing about that is you can see exactly what your credit would be and what you're receiving and what percentage of it that you're getting so a lot of people think because they're getting this big check back in the mail it was all because of solar that's not true and I'm going to show you a screenshot where it says our credit is three thousand six hundred and forty four dollars but we didn't receive that in our 2022 taxes yes the total tax credit was three thousand six hundred and forty four dollars for going solar last year but we are only receiving 398 dollars of that 3644 tax credit on our 2022 filing and that's only 10 percent of the three thousand six hundred and forty four dollar tax credit however the remaining 3246 dollars will be carried over to the 2023 tax filing next year and if we don't use it all next year then it's going to roll over for the following years up to five years so you have five years to use this tax credit so after our filing this year we still have that 3246 dollars to claim over the next four years and this is very important for a lot of people to know because solar contractors may be leading you to believe that you're going to get this 30 percent tax credit back in the form of a check at the time that you file your taxes the following year that's simply just not true and I want to make sure to address this issue because I don't want people going out and spending 30 40 50 60 000 on our solar system that they think they're going to be getting this 10 20 30 000 check back that's not true and I want to make sure that it just helps you start investigating what your talk situation is whether you're going to get money back or not and from my experience this is not true we have 398 dollars that we got credited so what can you do with 398 dollars in this economy there's not a lot I buy a couple tanks of gas and the reality is this could be a couple hundred dollars you're getting back or this could be a couple thousand dollars that you're getting back it really just depends on your tax situation so it's very important to investigate and dive deeper into your tax credit in your tax situation before just signing a contract on a solar system and I don't want that happen to anybody and that's the reason that I'm putting these type of videos out I'm sharing my experiences my experiences do not align with what's being said on the news or what I was told by a solar contractor when they come out to give me a quote on actually installing a solar system for me that's why I went and built it myself sourced everything myself because I did not trust what they said it sounded fishy turns out it was extremely fishy and I would have been allowed to and I would have been in a real financial situation had I went forward with having a solar contractor come out and install this and I did not get that large sum of money that they promised I would get so I guess in the conclusion of this video is first I just wanted to explain you may not get the entire lump sum back at one time you may you may be the person that gets a large lump sum back but we can't categorize that as yes you're going to or no you're not going to all I know in my situation we got 10.9 percent of our eligible credit that we should have received and a lot of people are going to ask me that question well should I even go solar yes I do believe you should go solar if it's financially fit for your situation but if you have to pay pay someone fifty thousand dollars per solar system in and then make a payment on that fifty thousand dollars and it's not covering your hundred percent of your electricity I don't know I would never recommend that somebody is put them in a financial situation they should not be in however if you can build this system yourself like I did and I never built one before I just studied and educated myself on how to do it reached out to people when I needed help reached out to the companies that were selling me the products and the materials that I was using I reached out to the manufacturers they're very helpful they want people to know about solar and they want you to go solar so they're going to try to help you as much as possible so you just got to kind of put things together there's a lot of gray areas there's a lot of people that don't know what they're talking about that's going to be reviewing your system and you're going to make sure that you educate yourself well enough to address those questions when they're presented to you so with that said am I happy that I went sober 100 I would do it over again only thing I would change is where the placement of my system but 100 I would say go solar if you can if you're financially in a situation where you're not relying on that 30 tax credit come back in the form of a check 100 percent go sober so if you found this video helpful in any way as I mentioned before please smash the thumbs up button it really does help me out it lets me know that I'm doing things right and I appreciate you doing that for me I hope to catch you in my next one ...
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