Solar/Roof Gov. Rebate Scam

solar/gov. rebate - SCAM

Additional Scams:

Here is the direct link to the write up we are providing. This is from a solar company based in tampa that has no dog in the fight on the roofing side. as always please do your due diligence, research and be informed before signing anything. if it sounds to good to be true, well you know the rest.

https://www.floridapowerservices.com/solar-tax-credits-and-re-roofing/

WHAT ARE SOLAR TAX CREDITS?

First up, let’s make it clear what solar tax credits are.

The Federal Investment Tax Credit (a.k.a Solar Tax Credits) is a system that allows you to deduct a percentage of your solar installation costs from your annual federal taxes – effectively reducing the bill you pay for installation.

In 2021, the savings are 26%.
By 2023, it will drop to 22%.
In 2024, it will drop to 0%.

Solar tax credits cover all labor, equipment and installation costs. They can also be carried forward to the next year if you can’t take the full credit in the year of the installation.

HOW MUCH COULD I SAVE THROUGH SOLAR TAX CREDITS?

Let’s look at an example: If your solar installation costs $10,000, then you could receive Solar Tax Credits of $2,600 in 2021 – reducing your costs significantly!

DOES A NEW ROOF APPLY TO SOLAR TAX CREDITS?

So, can you apply those reductions to a re-roofing job in conjunction with solar panels?

The short answer: No.

Many contractors or solar installers in Florida may tell you otherwise: don’t listen to them.

The last thing you want is to end up in hot water with the IRS. And you don’t want to have to pay for roof bills when you didn’t expect it. Over the years, we’ve seen plenty of new solar installers cut corners, add additional re-roofing and trick you into thinking you’ll make savings. We’ll never do that.

Here’s what the IRS says:

IRS FORM 5695 GUIDANCE:

The IRS guidance states that tax reductions apply to qualified solar electric property costs. Which are defined as:

“Qualified solar electric property costs are costs for property that uses solar energy to generate electricity for use in your home located in the United States.

No costs relating to a solar panel or other property installed as a roof (or portion thereof) will fail to qualify solely because the property constitutes a structural component of the structure on which it is installed.

Some solar roofing tiles and solar roofing shingles serve the function of both traditional roofing and solar electric collectors and thus serve functions of both solar electric generation and structural support. These solar roofing tiles and solar roofing shingles can qualify for the credit.

This is in contrast to structural components such as a roof’s decking or rafters that serve only a roofing or structural function and thus do not qualify for the credit. The home doesn’t have to be your main home.”

WHAT ABOUT SOLAR ROOFS WITH SOLAR TILES?

Some solar roofs, such as those with solar tiles, may have components applicable. However, confusion arises when it comes to the structural parts of the roof.

The IRS guidance states:

“Some solar roofing tiles and solar roofing shingles serve the function of both traditional roofing and solar electric collectors and thus serve functions of both solar electric generation and structural support.

These solar roofing tiles and solar roofing shingles can qualify for the credit. This is in contrast to structural components such as a roof’s decking or rafters that serve only a roofing or structural function and thus do not qualify for the credit.”

That last sentence seems to clarify that structural parts of the roof will not qualify for solar tax credits. So if you think you’ll make tax savings on re-roofing, think again.