Question

Solar panel rebate - 10% paid for in 2019

Forum|Forum|6 years ago
May 25, 2020
1 reply
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Hi, I paid for roughly 10% of my installation for my solar panel in 2019. Unfortunately bc I live in an HOA and they were being super stringent with the approvals, it took a long time for the actual construction to start and system to be online (once approved it only took a week, but that was in 2020). I paid for the rest after the installation was over. Can I still claim the 30% for the installation for my 2019 taxes? I see varying advice, some saying as long as I pay at least 10% it’s ok, and others saying the system has to be online by Dec 31 2019. How can I find out what is the right advice?

SteamTrain

Employee

Can only be claimed for the year the installation is complete and operational:

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" Costs. For purposes of both credits, costs are treated as being
paid when the original installation of the item is completed, or, in
the case of costs connected with the reconstruction of your
home, when your original use of the reconstructed home begins. "

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Ref: Rt Column...first page of the form 5695 instructions:

https://www.irs.gov/pub/irs-pdf/i5695.pdf

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*