Is the Inflation Reduction Act Good for Solar?

[@thesolarenergychannel]

🖥 Use our solar savings calculator to get an INSTANT price and savings estimate for a solar system that fits your needs: bit.ly/3K59shO

[@vincentbaltz7964]

Can you clarify where in the new bill it says residential tax credits are now refundable?

[@thesolarenergychannel]

The tax credit is not refundable. It’s a credit that can be used to offset tax liability. What’s new is the credit can now be transferred/sold. However, the IRS has yet to release its full ruling on how that will work.

[@tomoberholtzer7101]

Love the videos and great information but the audio needs a direct feed. just a suggestion.

[@thesolarenergychannel]

Thanks for the feedback! We agree. A new microphone is currently on order.

[@rappytrinidad903]

Great explanation. Non profits finally gets the break they need

[@thesolarenergychannel]

This is a great benefit for nonprofits. Thanks for watching! P.S. we have a nonprofit’s guide to going solar coming soon! Stay tuned.

[@thesolarenergychannel]

Get your free quote to see exactly how this tax credit can sweeten your solar investment. www.paradisesolarenergy.com/get-a-quote

[@sandiegojoey1]

My wife and I file zero and take no deductions during the year so that we're not hit with a massive tax bill, we usually owe about $1500 dollars federal each year. Are we only able to write-off the amount we owe, which would be $1500. If so, the solution would have to claim a higher number on our paychecks so that we owe a lot more at the end of the year. I hope I'm understanding this wrong.

[@thesolarenergychannel]

Yes, you can only use the credit to offset the taxes you owe. The credit can be carried forward to future years if it's not fully used in year 1. Our advice would be to review your numbers with an accountant to ensure you're getting the most out of it.

[@lumbungnatural2226]

Great content, thanks much. Please redo with better sound if you can

[@thesolarenergychannel]

Yes, we have upgraded our microphones since the filming of this video. We will release a new video as soon as the IRS releases its guidelines. Thanks for watching!

[@justiceonly9105]

Hi, Very grateful for you. Does this law apply to the 2nd home as well? Thank you

[@thesolarenergychannel]

The tax credit is dependent on the tax liability of the solar system owner. It’s available if the owner has the necessary liability regardless of the number of systems installed. Thanks for watching!

[@robertm2744]

Very good information. Thank You making the video!

[@thesolarenergychannel]

Thanks for watching!

[@dak6028]

If i understand everything the extra 10% ITC for using domestic products does NOT apply to a residential installation?

[@thesolarenergychannel]

That's correct. Those add-ons are only for commercial systems. The residential is a straight 30%.

[@Chad_N_Stacey_Hopson]

@14:26 He says that they can sell there tax credit but didn't say to who...... I'm a small business owner and I'm wanting to install solar on my home (ground mounted on our land) here in East Tennessee.... Would I just get the 30% tax credit and not be able to sell whatever (if any) is left over?? Thanks for the video, please update as you get new info....

[@thesolarenergychannel]

Chad, as we know it today, you can either use the tax credit to offset your owed taxes or sell it. You can't use 15% and sell the other 15%. You can carry the unused portion of the credit forward to future tax years until the complete 30% is used (businesses can carry it forward for 22 years; residential is 12 years). We do not know yet what the market will look like for selling the credit, but we imagine there will be a system of brokers to help facilitate the sale. Many details will emerge when the IRS releases its final ruling. We will release a new video soon after that info is made available. Be sure to subscribe to receive this info.

[@Chad_N_Stacey_Hopson]

@@thesolarenergychannel surely out of 87k more I.R.S. agents, there will be a couple that can help us.... lol.... I subbed, thanks for your help!!

[@thesolarenergychannel]

@Chad Stacey Hopson You would think, but... 😖 Thanks for watching!

[@vincentbaltz7964]

​@The Solar Energy Channel by Paradise Energy To clarify, are you saying residential homeowners can now carry the tax credit forward to 12 years? If so, this is great. I was under the impression it could only be carried up to 5 years. Love to get more details.

[@thee.y.murphey7725]

what about non-profit organization for large systems

[@thesolarenergychannel]

For non-profits and state and local governments, the IRA allows for the direct payout for all of or a portion of the solar tax credit. For systems under 1 MW, tax-exempt entities will receive 100% of the 30% tax credit. Systems larger than 1 MW will receive the 30% if they meet the domestic manufacturing requirements (which have not been defined at this time).

[@htown148]

Great content! As a commercial home builder this will be awesome !!!!

[@thesolarenergychannel]

It could be a game changer for those on the fence about solar. Thanks for watching!

[@htown148]

@@thesolarenergychannel builders are developing "solar communities" with upper class neighborhoods but every house having solar. Gen z home buyers want social causes now with their house purchase and this bill helps alot.

[@hectorc941]

Ism retired I file taxes but in the past 3 years I no have to pY and also I don't get any refund . Can I get the credit

[@thesolarenergychannel]

The 30% credit offsets tax liability. If you don't owe any taxes, it will not help you. However, the new bill allows homeowners that don’t have tax liability the option to sell (transfer) their tax credit. For example, you could sell your solar tax credit for $0.90 on the dollar. You’d be able to cash in on 90% of the tax credit you wouldn’t otherwise be able to. The person that bought your credit gets a 10% savings for whatever portion of their taxes your solar credit covers. With that said, there are still a lot of details that need to be defined for the transfer option, but it could be an option for you.

[@sunfueled2796]

✅ Thanks guys.

[@thesolarenergychannel]

Thanks for watching!

[@ozslillifelessons9348]

You don’t have to pay cash to get the credit

[@thesolarenergychannel]

That is true. The credit is not dependent on the form of payment.