Question

Differ Solar Tax Credit

Forum|Forum|1 year ago
August 1, 2024
2 replies
0 views

Hello,

I would like to differ my Solar Tax Credit so that it's applied to my loan. Do you know how that's done?

Not A Product Question

Employee

The solar credit is only applied to your tax return. What you do with the credit that is received as part of your tax refund is wholly up to you.

O

Opus 17

Employee

You can't defer the credit.

You claim the credit in the year you install the solar equipment. The dollar amount of the credit is based on the contract price for the solar system, even if you are paying over time. The credit is added to your tax refund, and depending on your tax situation, some of the credit may be carried forward to the next year. What you do with the money after that is up to you. But you can't claim the credit a little bit at a time.

V

VhriveraAuthor

Thanks for the response. That's unfortunate that it works this way. I had no intention to keep the credit, I just wanted to pay down the solar panels loan and keep the original monthly payment. It disappointing to know how the contractors sell you a believe we can easily differ the full tax credit so it's applied to the loan. I appreciate your help.