Our Solar Power Tax Credit cut the cost of our RV Solar Power system two ways!
I still plan on installing two more photovoltaic panels, which should net us somewhere in the neighborhood of another $372 in tax credit for more solar power!... this I have to research a mite more... I don't know if you can get credits for multiple years.
The RV solar power system we have installed so far has cost me $3,784 for all the hardware that fit the rules for the credit. The tax credit... which we just E-filed this morning, on form 5695 was $1,135 for the "Residential Energy Efficient Property Credit".... a 30% reduction! and a big chunk off our taxes!
The tax laws are made so despicably complicated that Heidi and I gave up on it near 20 years ago. We've had one of the better CPA outfits in Northern Colorado doin' all that number crunchin' for a long, long time. That became even more important when we opened Heidi's Bead Store.
All these numbers came directly from them booklearned fellas at the accountants office.
Here's the straight skinny: As I understand it, sometime in 2005 the Congress, in it's infinite wisdom... OK.... give 'em a break... I'm tryin' to be nice here.... passed a new tax regulation to allow Tax 'Credits' for some certain energy upgrades to your residences; such as our RV Solar Power Tax Credit.
Self-Contained RV's have long fit into the requirements for first or second homes. We've deducted the interest on our RV loans for as long as we've financed 'em. There has been a lot of arguments around the RV Forums about what is and isn't 'allowed'. So, I waited until our taxes were completely finished up by the CPA fellas before posting that final outcome here... Though I gotta say, from my own studyin'... I was pretty confident what that 'outcome' would be!
Go to IRS.gov, look for 'Forms and Instructions', and look up Form # 5695. I believe there are a couple or three pages relating to it all. If you're like me though, just tally all your receipts up for the system bought in the last year, take that tally to your accountant... and let him sort it all out.
And remember, this is a CREDIT... NOT... a DEDUCTION.... They figure out what your taxes are going to be... and then, SUBTRACT, your Solar Power Tax Credit from that total, giving you back 30% of the cost of your solar power system... up to a maximum credit of $2,000.... I can tell you something.... you can build yourself one hell of a fine RV Solar Power System for $6,000, that in the end actually costs you only $4,000, because of this Solar Power Tax Credit.
If you've been thinking about doing a solar power installation on your rig... I'd do it now.... you never know when the DC parasites are going to shut the door on your own, personal RV Solar Power Tax Credit!
The third benefit to an RV Solar Power System is the quiet simplicity! We used our system on our recent Yellowstone circle. I worked on the computer well into the evenings... and I only have half (260 watts)of the panels I'm planning on(520 watts)... and the batteries never went below 12.4 volts.... I'm told that's about 85% charged...
Soon after we'd get up and leave in the morning, those Solar Panels on the roof would start charging... and the Trojan Batteries were full again when we returned in the afternoon. With no generator to fuel, run, or worry about getting stolen! Sweet!
For me, this Solar Power Tax Credit just adds to the sweetness of the system. I can't praise them or RV Solar Electric (Who sold us our system) enough!