How do the different solar utility subsidy programs uniquely effect IRS Form 5695?
There are 2 different local utility subsidy programs widely available in the USA.
1. Up front Local Rebate with REC Assginment
2. Up Front Local Rebate with optional REC purchase program.
IRS guidance says I have to take my 30% residential energy tax credit on the non-subsidized system costs. However, in option 2, a utility is forcing me to assign my REC’s without a purchase agreement. As the utility has taken indefinitely the rights to my solar REC certificates as a requirement to get their “rebate” money, can I treat the rebate as a purchase of REC rights and write off 30% of total system cost?
If the utility issues you a 1099-Misc, you use the gross amount to figure your credit.
if the utility does NOT issue you a 1099-Misc, you use the net amount after subtrancting the utility rebate.
FPL Pilot Program Offers New Solar Energy Rebates
solar energy rebate
Tags: energy · environment · green · home · solar · solar energy rebates · solar energy rebates 2011 · solar energy rebates by state · solar energy rebates california · solar energy rebates njNo Comments
0 responses so far ↓
Like gas stations in rural Texas after 10 pm, comments are closed.