Solar panels seem to be an excellent way to generate less costly electrical power. They seem a good way to heat water, as well as the air inside homes.
Solar panels and the IRS should be friends, since the government purports to be seeking alternative energy sources. The U.S. government should give tax credit to those who invest in solar panels. But does it?
The value of solar panels in the IRS’ eyes is shown in the Energy Policy Act of 2005 for Individuals. In 2006, inflation adjustment figures were given, but the act remains basically the same.
Energy Policy Act of 2005 for Individuals (EPACT) – Summary
Individuals can make energy-conscious purchases, and receive tax benefits for doing so. The law provides tax credits for making your principal residence, which must be in the U.S., more energy efficient. It also gives tax credits for buying specified energy-efficient items, including alternative motor vehicles such as hybrids.
Solar panels, says IRS, will earn tax credits if they are on your main home, and that home is in the U.S.
Most of EPACT remains in effect throughout 2007. Many think it will be renewed or expanded in...
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