2020 Solar tax credits

[Patriot]

I was just researching solar tax credits and learned that it appears this may apply to our new 2020 Oliver.
We will forward this info to our CPA and see how it shakes out. 

Open source google info-

2020: Owners of new residential and commercial solar can deduct 26 percent of the cost of the system from their taxes. 2021: Owners of new residential and commercial solar can deduct 22 percent of the cost of the system from their taxes.

Does the solar tax credit apply to RVS?

This program applies to all 'dwelling units' including houses, mobile homes and boats, and the current solar tax credit is valid for any RV that has been accepted by the IRS as a second home for tax purposes. ... The credit has been extended to the end of 2019, but scales back then disappears by the end of 2021.

 

 

Edited July 2, 2020 by Patriot

[Overland]

Yes, we had no problem taking the credit on ours.  You can also take the credit for other solar related items that you purchase at the same time, like battery upgrades, inverter, etc.  It can be a significant credit if you're considering the new lithium upgrade. 

Edited July 2, 2020 by Overland

[Patriot]

15 minutes ago, Overland said:

Yes, we had no problem taking the credit on ours.  You can also take the credit for other solar related items that you purchase at the same time, like battery upgrades, inverter, etc.  It can be a significant credit if you're considering the new lithium upgrade. 

Thanks Overland, we will have our accountant sharpen her pencil. 🧐

[SeaDawg]

I'll add this caveat, but check with your own cpa. We were told that you could only take the credit on one "home" on a year. So, if you're adding solar to your sticks and bricks home in the same year,  don't count on a credit for the trailer.

Otherwise,  second home. Bathroom and sleeping facilities. Sticks and bricks, trailer, motorhome, boat.

 

 

[Patriot]

1 minute ago, SeaDawg said:

I'll add this caveat, but check with your own cpa. We were told that you could only take the credit on one "home" on a year. So, if you're adding solar to your sticks and bricks home in the same year,  don't count on a credit for the trailer.

Otherwise,  second home. Bathroom and sleeping facilities. Sticks and bricks, trailer, motorhome, boat.

 

 

We are set. Yes, naturally check with your CPA. 👍🏻