>> Hi Sam, 30% Tax Credit questions that I forgot to ask on the phone.
>> (1) The whole house solar panel system we were talking about, does
>> qualify or is it too large. (2) I was thinking of buying my son one and
>> helping him become a dealer in Oregon. If I buy a second system and
>> put it on his house, can I take the tax credit? (3) What about writing
>> off the system on my business taxes, the one on my house, could it
>> be a business expense somehow. Thanks for taking such a late
>> call last night.
Some general stuff we went over last night on the phone. The 30% Tax Credit is LAW till 2016. So, it will be available next year as well unless the laws are changed.. which could happen with a new president? So, it could actually get screwed up after 2012 election. A couple of buyers have stated that is a reason they are moving ahead now.
Another driver for sales is that every year, at this time, customers are buying in Nov/Dec so that they can turn right around next year and take that 30% within just a couple months of purchase. It makes a great timing between purchase and tax credit. That's why my sales in Nov/Dec every year are really heavy.
Your new questions:
(1) The whole house solar panel system we were talking about, does qualify or is it too large.
Yes, every system we sell, INCLUDING UPGRADES TO EXISTING SYSTEMS qualify for the credit. It pays 30% of installed cost. There is no cap, you could buy a million dollar system, claim 30#% of that.
(2) I was thinking of buying my son one and helping him become a dealer in Oregon. If I buy a second system and put it on his house, can I take the tax credit?
Yes, you can buy multiple systems, take credit on all, can install on a home that you do not own, no problem. Put it on a rent house, a family members house, a vacation house.
(3) What about writing off the system on my business taxes, the one on my house, could it be a business expense somehow.
Yes, I would invoice that hardware as emergency back-up power system, same spec, completely deductible as back-up emergency power for your computers, back-ups, and office. Consult your CPA for more detail than that.