Tax form 5695

solarvicsolarvic Solar Expert Posts: 1,071 ✭✭✭✭
Has anyone had any problems with the 5695 stimulous tax form? I was reading it today and it states you have to put your panels on your roof to qualify. Sounds like someone made that law that doesn,t know all the partgiculars. Not everyone.s roof is a good candidate. I only have a 3/12 pitch roof faceing East clear. West is shaded. I had over a foot of snow on the roof twice this winter and was a little worried about roof holding the snow load. So I had to put my panels on top of pole racks. What are thoughts on this?? Solarvic

Comments

  • PhotowhitPhotowhit Solar Expert Posts: 5,805 ✭✭✭✭✭
    Re: Tax form 5695

    "This includes costs relating to a solar panel or other property installed as a roof or a portion of a roof."

    "This includes" doesn't mean something else is excluded.
    Home system 4000 watt (Evergreen) array standing, with 2 Midnite Classic Lites,  Midnite E-panel, Magnum MS4024, Prosine 1800(now backup) and Exeltech 1100(former backup...lol), 660 ah 24v Forklift battery(now 10 years old). Off grid for 20 years (if I include 8 months on a bicycle).
    - Assorted other systems, pieces and to many panels in the closet to not do more projects.
  • solarvicsolarvic Solar Expert Posts: 1,071 ✭✭✭✭
    Re: Tax form 5695

    Photowit, I hope you are right. I had a little over $31,500 invested in my 4.7 kw system. Does that sound within reason? Some of the extra cost is my panels are about 175 ft from my electric service and I had to buy polemounts to make it doable. I did most of the hard work, digging ditch by hand , digging holes, cementing pipe in ground, installing mounts and the panels. Mounted all electric boxes, inverters ect. Electrician wired everything up did the conduit and got me all connected. so this year I don,t have to pay any income tax. And still have 5500 tax break for next year. going to do ductless air conditioner and on demand waterheater to get the tax break for 2010. Cashing in all my 401k and pay the tax on them and hope my tax paying days are over. Was wondering when I did my taxes if Irs is picky about auditing solar systems. S:Dlarvic
  • nielniel Solar Expert Posts: 10,300 ✭✭✭✭
    Re: Tax form 5695

    solarvic,
    i think he's right as they are simply saying that the extra costs incurred to get a solar panel on a roof would also be covered as part of which you can take credit for. that means roof modifications and improvements are to be included if they needed to be done to accommodate the panels and this also includes the usual such as the rails, roof jacks, electrical roof access, and even the labor to do these things.
  • sub3marathonmansub3marathonman Solar Expert Posts: 300 ✭✭✭
    Re: Tax form 5695
    solarvic wrote: »
    going to do ductless air conditioner and on demand waterheater to get the tax break for 2010.

    You might want to think about a "hybrid" water heater instead of the "on demand" unit. If the water heater is propane it might be OK economically, but I'm thinking these new hybrid electric ones probably are still better. There was a thread about it : http://forum.solar-electric.com/showthread.php?t=7428

    I was disappointed in my "on demand" electric unit. First, it was only for the master bathroom, because it is basically impossible to have an "on demand" whole house electric water heater. Then you have to pay a huge amount to get it wired for 60 amp / 240v. Then, this Stiebel unit defied my logic. You would think if you set the knob for a certain temperature it would heat it to that temperature. Not correct. It will heat it to that temperature only if the incoming water is cold enough. Yes, cold enough. If the water is too warm, the unit won't heat it even if you're wanting hotter water. So I am out of luck, since I had already set it up as a supplement to the hot water line, thinking the regular water heater which we need anyway could diminish the heat/electricity needed to heat water for the master bathroom. It really needs its own special line from the main cold water feed, and I didn't know that at the time and it didn't say in the installation manual.
  • solarvicsolarvic Solar Expert Posts: 1,071 ✭✭✭✭
    Re: Tax form 5695
    You might want to think about a "hybrid" water heater instead of the "on demand" unit. If the water heater is propane it might be OK economically, but I'm thinking these new hybrid electric ones probably are still better. There was a thread about it : http://forum.solar-electric.com/showthread.php?t=7428
    I should have clarified that I was doing Natural Gas as I have a gas well with free gas. I already have the heater, Just needs installed and plumbing put in for gas dryer, water heater and generator. S:Dlarvic
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