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Monday, March 6, 2023

HOME OWNERS Get Paid By Going Solar - Government Guide on how it Works

You've INstalled Solar

What is a tax credit?

A tax credit is a dollar-for-dollar reduction in the amount of income tax you would otherwise owe. For example, claiming a $1,000 federal tax credit reduces your federal income taxes due by $1,000. The federal tax credit is sometimes referred to as an Investment Tax Credit, or ITC, though is different from the ITC offered to businesses that own solar systems.

What is the federal solar tax credit?

The federal residential solar energy credit is a Solar Tax Credit that can be claimed on federal income taxes for a percentage of the cost of a solar PV system paid for by the taxpayer. (Other types of renewable energy are also eligible for similar credits but are beyond the scope of this guidance.)

The installation of the system must be complete during the tax year.

Solar PV systems installed in 2020 and 2021 are eligible for a 26% tax credit. In August 2022, Congress passed an extension of the ITC, raising it to 30% for the installation of which was between 2022-2032. (Systems installed on or before December 31, 2019 were also eligible for a 30% tax credit.) It will decrease to 26% for systems installed in 2033 and to 22% for systems installed in 2034. The tax credit expires starting in 2035 unless Congress renews it.

There is no maximum amount that can be claimed.

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Am I eligible to claim the federal solar tax credit?

You might be eligible for this tax credit if you meet the following criteria:

Your solar PV system was installed between January 1, 2017, and December 31, 2034.
The solar PV system is located at a residence of yours in the United States.
Either:
You own the solar PV system.
(i.e., you purchased it with cash or through financing but you are neither leasing the system nor nor paying a solar company to purchase the electricity generated by the system).
Or, you purchased an interest in an off-site community solar project
if the electricity generated is credited against, and does not exceed, your home’s electricity consumption. Notes: the IRS issued a statement (see link above) allowing a particular taxpayer to claim a tax credit for purchasing an interest in an off-site community solar project. However, this document, known as a private letter ruling or PLR, may not be relied on as precedent by other taxpayers. Also, you would not qualify if you only purchase the electricity from a community solar project.
The solar PV system is new or being used for the first time. The credit can only be claimed on the “original installation
of the solar equipment.

What expenses are included?
The following expenses are included:
Solar PV panels or PV cells (including those used to power an attic fan, but not the fan itself)
Contractor labor costs for onsite preparation, assembly, or original installation, including permitting fees, inspection costs, and developer fees Balance-of-system equipment, including wiring, inverters, and mounting equipment
Energy storage devices that have a capacity rating of 3 kilowatt-hours (kWh) or greater (for systems installed after December 31, 2022). If the storage is installed in a subsequent tax year to when the solar energy system is installed it is still eligible, however, the energy storage devices are still subject to the installation date requirements
Note: A private letter ruling may not be relied on as precedent by other taxpayers.
Sales taxes on eligible expenses
How do other incentives I receive affect the federal tax credit?
For current information on incentives, including incentive-specific contact information, visit the Database of State Incentives for Renewables and Efficiency website.
REBATE FROM MY ELECTRIC UTILITY TO INSTALL SOLAR
Under most circumstances, subsidies provided by your utility to you to install a solar PV system are excluded from income taxes through an exemptionin federalla. When this is the case, the utility rebate for installing solar is subtracted from your system costs before you calculate your tax credit. For example, if your solar PV system installed in 2022 cost $18,000, and your utility gave you a one-time rebate of $1,000 for installing the system, your tax credit would be calculated as follows:
($18,000 - $1,000) * 0.30 = $5,100
PAYMENT FOR RENEWABLE ENERGY CERTIFICATES
When your utility, or other buyer, gives you cash or an incentive in exchange for renewable energy certificates or other environmental attributes of the electricity generated (either upfront or over time), the payment likely will be considered taxable incom. If that is the case, the payment will increase your gross income, but it will not reduce the federal solar tax credit.
Note: A private letter ruling may not be relied on as precedent by other taxpayers.
REBATE FROM MY STATE GOVERNMENT
Unlike utility rebates, rebates from state governments generally do not reduce your federal tax credit. For example, if your solar PV system was installed in 2022, installation costs totaled $18,000, and your state government gave you a one-time rebate of $1,000 for installing the system, your federal tax credit would be calculated as follows:
$18,000 * 0.30 = $5,400

STATE TAX CREDIT
State tax credits for installing solar PV generally do not reduce federal tax credits—and vice versa. However, when you receive a state tax credit, the taxable income you report on your federal taxes may be higher than it otherwise would have been because you now have less state income tax to deduct.
(The Tax Cuts and Jobs Act of 2017 placed a $10,000 limit on state and local tax (SALT) deduction through 2025. Therefore, if a homeowner is still paying more than $10,000 in SALT after claiming a state tax credit, the state tax credit benefit would not effectively be reduced by the federal tax rate, as it would not impact federal taxes (due to the SALT limit).)
The end result of claiming a state tax credit is that the amount of the state tax credit is effectively taxed at the federal tax level.

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Can I claim the credit, assuming I meet all requirements, if:
I AM NOT A HOMEOWNER?
Yes. You do not necessarily have to be a homeowner to claim the tax credit. A tenant-stockholder at a cooperative housing corporation and members of condominiums are still eligible for the tax credit if they contribute to the costs of an eligible solar PV system. In this case, the amount you spend contributing to the cost of the solar PV system would be the amount you would use to calculate your tax credit. However, you cannot claim a tax credit if you are a renter and your landlord installs a solar system, since you must be an owner of the system to claim the tax credit.
I INSTALLED SOLAR PV ON MY VACATION HOME IN THE UNITED STATES?
Yes. Solar PV systems do not necessarily have to be installed on your primary residence for you to claim the tax credit. However, the residential federal solar tax credit cannot be claimed when you put a solar PV system on a rental unit you own, though it may be eligible for the business ITC under IRC Section 48. See 26 U.S.C. § 25D(d, which specifies that eligible solar electric property expenditures must be “for use at a dwelling unit located in the United States and used as a residence by the taxpayer” (emphasis added).
I AM NOT CONNECTED TO THE ELECTRIC GRID?
Yes. A solar PV system does not necessarily have to be connected to the electric grid for you to claim the residential federal solar tax credit, as long as it is
THE SOLAR PV PANELS ARE ON MY PROPERTY BUT NOT ON MY ROOF?
Yes. The solar PV panels located on your property do not necessarily have to be installed on your roof, as long as they generate electricity for use at your residence.generating electricity for use at your residence.
All other Q & A are located on at Energy.gov

Tuesday, May 7, 2019

Top 10 Most Searched Summer Destinations

1: Hawaii

You won’t need your passport to visit the No. 1 destination on the list, but you may feel as though you’re in another world thanks to Hawaii’s red- and black-sand beaches, lush sea cliffs, volcanic landscapes, abundant sea life and rich Polynesian culture.

Best for: Everyone — seriously. Each of the 6 major islands offers unique experiences tailored for a luxury, romantic, adventurous, eco-friendly or beach vacation.

2: Dubai

Don’t mind the triple-digit temps or humidity — you’re in Dubai, where you can ski (indoors) in the desert and shop at the world’s largest shopping mall. And if it’s shopping you want, don’t miss the Dubai Summer Surprises festival, where you can expect dramatic discounts, raffles and fireworks.

Best for: Indulging your fantasies, whether that’s being on top of the world at the Burj Khalifa or checking in to a 7-star hotel.

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3: Bora Bora

If you conjure up images of the perfect island paradise in your head, it probably looks like Bora Bora’s stilted bungalows jetting out into the turquoise lagoon. A volcanic atoll, Bora Bora is surrounded by a circular coral reef, which makes it ideal for snorkeling and scuba diving.

Best for: Romance. It truly is a honeymooner’s dream or special-occasion getaway.

4: Virginia Beach, VA

Perhaps unsurprisingly, Virginia Beach is a prime summer destination beckoning tourists from up and down the mid-Atlantic with its 35 miles of sandy beaches. An extra-wide concrete boardwalk stretches 3 miles along the oceanfront and boasts benches for people- and sunset-watching, as well as a separate path for biking and blading.

Best for: Families who flock to the revitalized oceanfront resort area and the Virginia Aquarium & Marine Science Center (not only on rainy days).

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5: Amsterdam

At first, Amsterdam may seem out of place on this list, but summer is the ideal time to visit the city. The gray skies have lifted, festivals abound and events to enjoy include the Open Garden Days, when visitors can peek into the private gardens behind the beautiful houses that line the famous canals.

Best for: An urban adventure, traversing Amsterdam’s thousands of bridges and waterways by bike and by boat in search of the perfect brown café.

6: Ocean City, MD

This East Coast beach town is best known for its boardwalk, which boasts the requisite neon spray-painted T-shirts and old-school amusement rides. Grab your mallets and feast on hard-shelled crabs at Hooper’s crab house or drink in the sunset with a local craft brew in hand from Fager’s Island Restaurant & Bar’s large bayfront decks.

Best for: A classic, albeit kitschy, stroll along the boardwalk and the taste of Thrasher’s vinegar and Old Bay french fries.

7: Mackinac Island, MI

Mackinac Island, 20 minutes by boat from either the Upper or Lower Peninsula of Michigan, comes alive on summer weekends. Most of its roughly 4 square miles is designated parkland, ideal for hiking and cycling. Be sure to take in the beautiful architecture of its own painted ladies, Victorian cottages that date back to just after the Civil War.

Best for: A taste of times gone by; cars were banned more than a 100 years ago, and horse-drawn carriages are still used to get around today.

8: Catalina Island, CA

Angelenos looking for a respite from the smog and traffic are finding it on Catalina Island. Make the 22-mile trip by ferry or helicopter — the latter will set you back only about $110 — and you’ll find an island of paradoxes: campgrounds where wild buffalo roam (a herd was abandoned after a 1924 movie shoot) and the ritzy, Mediterranean-flavored city of Avalon.

Best for: A day at the beach spent snorkeling, swimming, hiking or biking.

9: Miami

Also offseason in the summer, Miami continues to draw visitors, especially Europeans and South Americans escaping winter. To keep cool in the blazing heat, you need only take a dip in the Atlantic, Biscayne Bay... or an infinity pool. You’ll be able to spread out on South Beach, plus people-watching on Lincoln Road and Miami Beach’s epic nightlife will be as entertaining as ever.

Best for: A spontaneous getaway to blow off a little steam on a boat or in the club.

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10: The Bahamas

While there is a risk of getting rained on during hurricane season, June generally sees mild weather, fewer crowds and significantly lower prices. While some resorts in the Out Islands close through November, New Providence and Paradise Island remain open year-round.

Best for: Families looking for a taste of laid-back island living.

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courtesy of travelchannel.com

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Thursday, November 29, 2018

Amazing and Affordable Winter Vacation Destinations

Key West

The Florida Keys

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The Florida Keys, a string of tropical islands connected by US Highway 1 that stretch about 120 miles off the state’s southern tip, offer a variety of affordable winter vacation destination options. Key West is popular with partiers as well as those who love beautiful beaches and sunsets, art galleries and water sports. Parrot Key Hotel & Resort offers a great value in a recently revamped destination resort that feels like an old-fashioned beach community, complete with picket fences and porches, but if resorts and hotels in Key West are a bit too pricey for your tastes, consider staying on one of the Keys farther north like Marathon or Islamorada, which tend to be cheaper. Lime Tree Bay Resort is known as one of the best affordably-priced resorts in the Keys. Set along a palm-shaded, sandy beach, it offers all sorts of activity options, including kayaking onsite, swimming in one of two pools, soaking in the hot tub and lounging in a hammock.

Puerto Rico beach

Puerto Rico

There’s no need for a passport to visit Puerto Rico, but you’ll be able to enjoy a tropical, exotic island just the same.From a beach that glows in the dark, the pink sands of Isla Verde, outstanding diving and snorkeling to delicious cuisine, salsa dancing the night away and waking up with incredible Puerto Rican coffee, there are many reasons to travel here. You’ll also find lots of small independent hotels that are very budget friendly, like the Villa Montana Beach Resort, a full-service hideaway on the sea, located just a few miles from the airport with rates that start as low as $130 midweek. The Copamarina Beach Resort in Guanica is an oceanfront resort stretching across 20 acres of lush tropical gardens offering seclusion and upscale amenities starting at under $150 per night

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Panama

Few people put Panama on their list of places to travel during the winter, but it not only offers an ideal destination for warm weather and sunshine but accommodations that run only around $40 a night. It will cost you a bit more to get there due to the lesser demand, but unlike high-traffic destinations such as Cancun, once you get there it’s not only a lot more economical, it’s less likely to be overrun with tourists. Bocas del Toro, situated on the northwestern Caribbean coast, is an archipelago of nine tropical islands where you’ll find some of the best scuba diving and surf breaks in the country. The orange-tiled roofs and Spanish colonial architecture of old town Panama City offer a striking contrast to the skyscraper skyline across the bay, and in Casco Viejo, after dark music pours onto the street from every alley and corner. By day, you’ll find this area ideal for sipping coffee at Plaza Bolivar, browsing the markets and watching the sun set from just above Plaza Francia.

Las Vegas, Nevada

Sin City is a popular destination year-round, but it offers an especially ideal spot for warming up in the winter while enjoying sizzling entertainment at an affordable cost. In fact, some say it’s the very best wintertime bargain in the U.S. While room rates for some of the very best rooms are around $200 a night, if you’re willing to go a little off-Strip, you can find lodging for less than $50 per night. In addition to all of the shows and gambling opportunities, visitors enjoy everything from a peaceful gondola ride at the Venetian to heart-pounding thrill rides at the Stratosphere.

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San Diego, California

San Diego is renowned for its year-round pleasant weather and multitude of attractions. While it may not be warm enough for swimming in the winter, the mild temperatures are perfect for taking part in all sorts of other activities, while hotel prices are at their lowest. Enjoy taking a stroll on the beach while watching for whales as winter also happens to be whale migration season. Mission Beach is the hot spot for soaking up some rays, while La Jolla draws surfers with its great waves. Of course, you won’t want to miss a trip to the San Diego Zoo – and, you can save on attractions too by purchasing combo tickets that will get you into the zoo as well as museums and other parks. Pearl Hotel, a hip boutique hotel is not only stylish, it’s a steal, with rooms at less than $100 per night.

The Abacos, Bahamas

Bahamas

The Bahamas are not only just a hop, skip and a jump from Florida, but hotels here start at around $100 a night. Considering the flights run as little as $300 roundtrip from the east coast and about $500 from the west, it’s easy to put together a fairly affordable trip to the islands and their wonderfully warm surrounding waters where you can indulge in fun activities like swimming, snorkeling, sailing, windsurfing and a myriad of other water sports. Chez Pierre on Long Island features doubles starting at $130 a night with its six bungalows that are spread across a wide crescent beach, each with a screened porch that overlooks the water. Bikes, a catamaran and kayaks are all available and no charge.

Montego Bay

Montego Bay, Jamaica

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While much of the Caribbean is expensive in the winter, Montego Bay in Jamaica is one of the few reasonably priced places to visit during high season, from about mid-January through early April. While the flight will set you back about $500, accommodations can be as low as $30 a night and the weather during this time of year just doesn’t get much better. You’ll also find several high quality all-inclusive options that offer a very good value. The Iberostar Rose Hall Beach is an upbeat, all-you-can-drink mega resort that crushes its competition with better food, liquor, service and activities (including free scuba tours), for less. No matter where you stay in Montego Bay, in addition to relaxing on the sand, you’ll find plenty of water sports and other activities to keep you busy.

Tulum, Mexico

While December and January tend to be popular months for visitors to Tulum, you can find some good deals on hotels and flights throughout February and into early March. Mexico has long been known as an affordable paradise for escaping the chill of winter, and in Tulum, you’ll find as much, or as little, to do as you like. This seaside community on the Yucatan peninsula is famous for its picture-perfect Caribbean beaches with giant sea turtles that roam the sand as well as being the site of pre-Columbian Mayan ruins, including temples and castillos dating back to the 13th, 14th, and 15th centuries. Admission to the cliff-hugging ruins is only about $5. While some of the area’s most famous resorts run around $500 a night, there are plenty of more affordable options too, including Freedom Paradise, a more intimate, boutique hotel located on a secluded stretch of white sandy beach. Rooms open up to the sand and the sea, and start as low as $79 per person per night in an all-inclusive plan that includes all meals, unlimited domestic beverages, theme shows, activities, tips and more.

Barbados

Getting to Barbados is more affordable than ever, thanks to JetBlue’s new direct route from Boston, which has decreased airfares to the island. Flights are under $400 roundtrip after the holiday season from the east coast, and reasonable resort rates can be had too, including Bouganvillea Beach Resort, a Mediterranean-style resort on the south coast. All rooms have either a kitchen or kitchenette, making it easy to save on meals, or guests can dine at one of two eateries along the water. It also boasts a fitness center, spa, kids’ club and water sports. While the winter months do attract more visitors, the island is rarely overcrowded.

Seville, Spain

Spain

Costa del Sol, Seville and Barcelona all make fantastic winter destinations since the weather is quite a bit warmer than most of the rest of Europe. The more favorable exchange rates this winter make it even more affordable too. Costa del Sol in the winter enjoys average temperatures in the lower 70s. At popular resorts like Marbella, you can enjoy soaking up the sunshine on one of 24 beautiful beaches, sipping cocktails in the elegant marina and indulging in retail therapy in the trendy boutiques. In Barcelona, take a stroll around the dramatic Gothic quarter and visit the magnificent cathedral, or walk down Las Ramblas, the city’s main strip to watch street performers, dine in numerous tapas eateries and check out La Boqueria, one of the best markets in Europe’s.

Punta Cana, Dominican Republic

The Dominican Republic is popular with snowbirds and other travelers seeking an inexpensive destination for fun under the sun. At its far eastern edge, you’ll find the collection of beaches towns that are collectively referred to as Punta Cana. Unlike most of the other Caribbean islands, there are lots of massive beach hotels with 1,000 rooms or even more. That allows them to offer some of the best rates in the Caribbean – NH Punta Cana is a colorful resort on Bavaro Beach with lots of modern amenities, including satellite TV and free Wi-Fi, with rooms starting at $130 a night. While you’re here, in addition to all of the usual beach activities, you can take a day trip to Indigenous Eyes Park, a private nature reserve and jungle park with waterfalls and lagoons for swimming, explore the Cordillera Septentrional Mountains, or soak up some history at Casa Ponce de Leon, a museum dedicated to the explorer.

Cartagena, Colombia

January is when Colombia, home to sandy beaches, vast rainforests, beautiful snow-capped mountains, fantastic coffee and charming colonial cities, gets its very best weather with average high temperatures at 85 degrees, and average lows of 75. It’s sunny and warm but not too hot, and, it’s far cheaper than any other spot in the Caribbean. High season ends in mid-January, so the already affordable hotel rates will be even less expensive from mid-January through the end of February. If you’re concerned about Colombia being a risky country to visit, that’s no longer the case – in fact, you’re more likely to be eaten by a shark in Australia than to be kidnapped in Bogota, Colombia’s capital city. Cartagena, a city on the northern coast facing the Caribbean, features impressive mangroves, powdery beaches and brilliant coral reefs along with a historic old town surrounded by the city wall. The 500-hundred year-old coralstone forts and much of its walled city are admirably intact. They also represent some of the finest examples of civil and military architecture of the Spanish colonial times.

Boracay, Philippines

Boracay Island, Philippines

If you’re looking for affordable prices, the sun without the crowds and access to all sorts of amenities, you might be surprised to find that Boracay Island in the Philippines offers all of that and more. While it’s no longer considered a hidden gem, this small island with gorgeous sugar white beaches still don’t draw massive crowds. By going after the holidays, from mid-January through the end of February, even the busiest beach on the island is likely to have only some scattered sunbathers and swimmers. You can also enjoy horse riding on the sand, diving, snorkeling, cliff diving and parasailing, or join an exploration trip to a remote cove with a turquoise water-filled lagoon. While there are no super cheap places to stay, mid-range Baracay hotels (some as low as $70 a night), tend to offer a great value with nearly all accommodations located just steps away from the beach. Plus things like food, drinks, excursions and massage tend to be very reasonably priced.

Venice

Venice, Italy

As temperatures in Venice during the winter aren’t exactly warm, that means that by bundling up you can enjoy this romantic city without the crowds. In fact, locals say that it’s actually even prettier with a dusting of snow. Plus, as this is the low season, airfare and hotel rates are the lowest they’ll be all year. If you’re looking for more excitement, plan to arrive between January 23 and February 9, when the Carnevale di Venezia festival, one of the most famous carnivals in Europe, takes place. If you’d rather skip the crowds completely, you can by going mid-week during this time, or heading there before or after it takes place. Going out of season also means you’ll benefit from shorter lines while having a better opportunity to experience the “authentic” Venice that most high season visitors miss. The thick mist that often settles atop the canals also makes for especially beautiful, atmospheric photos, though you may not be able to get that perfect view from the top of St. Mark’s Basilica. You can still enjoy the gondolas – they run year-round and when it’s chilly out the gondoliers will provide you with blankets.

courtesy of tripstodiscover

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