Solar Tax Credit

BigEasy

BigEasy

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Jun 21, 2004
2,967
Beneteau 343 Slidell, LA
Has anyone attempted to obtain the 30% Federal tax credit (IRS form 5695) for solar charging systems. My understanding is the tax credit can apply to primary residences, second homes including boats with live a board amenities as well as RVs. The credit applies to solar panels, mounting frames, charge controllers, installation supplies, batteries, & installation labor. The provision has now been modified to stop at 2025 years end.
 
D

dlochner

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Jan 11, 2014
13,133
Sabre 362 113 Fair Haven, NY
Yes. I used it several years ago when I went to solar. Included the panels, mounting frames, controllers and some other odds and ends. Helped to offset the tariffs that were imposed on imported solar panels. I also wasn't audited.

Hurry the credit goes away at the end of this year.
 
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Don S/V ILLusion

Don S/V ILLusion

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Sep 25, 2008
7,519
Alden 50 Sarasota, Florida
anecdotal story - we know someone who was audited on a last year’s tax credit issue. The IRS didn’t consider his boat use description acceptable as a “residence” which apparently is a prerequisite. I infer from his story that “Live aboard amenities” aren’t synonymous with “live aboard” residency requirements. I’m not a tax lawyer so FWIW….
 
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Charles Erwin

Charles Erwin

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Jan 30, 2012
1,149
Nor'Sea 27 "Kiwanda" Portland/ Anacortes
For solar - the boat does not have to be your 'principal residence' or 'main home.' But you have to use it and it has to be a residence (have head, galley, and sleeping facilities.) For batteries - it has to be 3 Kw hours minimum. There are joint ownership rules. And also note the taxpayer claiming the credit has to be the owner - a revocable trust probably works, but beware where ownership is corporation, irrevocable trust other taxpayer entity. There is a bit more to it than just these few things so here is some reading. Residential Clean Energy Credit | Internal Revenue Service and Instructions for Form 5695 (2024) | Internal Revenue Service. And yes this expires December 2025.
 
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D

dlochner

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Jan 11, 2014
13,133
Sabre 362 113 Fair Haven, NY
Having a modest wage based income, certainly has its advantages when dealing with the IRS, no audits.
 
BigEasy

BigEasy

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Jun 21, 2004
2,967
Beneteau 343 Slidell, LA
Charles Erwin said:
For batteries - it has to be 3 Kw hours minimum.
Click to expand
Wow, that's a lot of battery power (for a boat):yikes:
I live only 10minutes away from the boat; therefore, it would be a stretch to claim the boat as a secondary / vacation home.
 
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