tax question

[Fern]

I have a client who received a sizable grant for his solar project from the Resource Conservation and Development Council serving our area (Southwestern NC).

This looks to be the one serving your area: http://scrcd.tripod.com/

You may want to contact them about grant programs they offer.

Edit: The TVA has a program as well: https://www.tva.com/Energy/Renewable-Energy-Solutions/Green-Power-Providers

Fern

 

[s0me0nesmind1]

I thought you paid income tax in the state that you lived. Meaning that whatever $$ you pay in NC gets transferred to SC for tax purposes. But it's been a long time since I did taxes at the office.

Entirely depends on the jurisdiction and their rules.

I can definitely say your general statement of "I thought you paid income tax in the state that you lived" is typically incorrect. For example, I had a project out in Ohio for a few months, I had to report to my company in my timecard that I worked those hours in Ohio, which was reported on my W2. In turn, I had to file an Ohio return.

That said for OP, I feel like right now is an incredibly fucking stupid time to be getting a solar panel. I feel like we are at the point of the bell-curve for pricing in which it's going to make incredibly sharp downturns with the increase in consumer demand we are going to see prices plummet for something as simple as a solar panel.


EDIT: Just to emphasize further, as someone that does infact work in tax - it's totally dependent upon the jurisdction, so there is no one answer. What is deemed as "working in another state" is defined differently by different states

See https://turbotax.intuit.com/tax-too...e-States---Figuring-What-s-Owed/INF12055.html for a general overview, not good for specifics - but like I said, each state calculates their apportionment differently.

 

[highland145]

Thanks, guys. :beer; for you.

And, Fern, glad you're not dead.

 

[CU]

Yes. I am aware of the federal credit and will be getting that one. On the plus side the solar company offered to give me some back after the install since I cannot get the SC credit. And, if myself or my wife start working in SC in the next few years we can still claim it. Install is set for Monday. Thanks for the help.

 

[CU]

As for the time to get into solar. The SC tax credit ends this year. Although I may or not ever get to claim it. That is 25%. Also the Federal is 30%. Not sure when it ends, but I think in a few years. So it will have drop pretty fast to make up 55%. Not to mention the company is paying the first years loan payments. And the loan payment is basically my average power bill. Will be payed off in 6-7 years. Although I may pay it off sooner just to avoid interest. Seemed pretty much like a give me. We will see in time if it was a good decision or not. Figure it can't be that bad of a decision.