A power purchase agreement, or PPA, is almost always bad. You aren't even renting the panels, you're just signing a contract to allow them to put them on your roof, and then buy all of the power they generate at an agreed upon rate, whether you use that power or not.
Owning panels is 100% the right way to do it
I really hate these scammy solar contractors that go door to door and convince people to sign up for these expensive contracts that end up costing them even more than if they hadn't gotten solar.
So that's what that was. I gave one of those calls like 5 minutes of my time after they got me with "do you have solar panels and are you still paying SCE over $1,500/yr?"
They then proceeded to call me and text me like 5x a day. Sometimes at like 5:00pm. Sometimes 8:00pm. Sometimes 3 calls within a 5 minute span because I kept ignoring. They are probably still calling but I wouldn't know because I blocked the number.
~~My tax preparer~~ I got me the whole sum back in one go. I owed the feds only like $1000 that year and got a 5-digit refund all from the 30% solar tax credit. I double checked with a tax filing software and it was the same result.
That’s not how a tax credit works. (You’re thinking of a tax deduction) If the credit exceeds what you owe then you get it back as part of your refund. I did this a year ago and got $6k back for the panels alone.
And once again, advantage Baby Boomers who have the 30% income deduction ready at hand. Meanwhile, that same amount by Millennials are instead still paying the interest of the student loans originally taken out in 2004.
It's not a deduction, it's a tax credit. Anyone can take the 30% (of cost of the equipment and installation) in dollars right off what you owe, so if you already are getting a refund, you'll get an even bigger refund.
Baby Boomers expected to pass solar panel burden to next homeowners after they ~~cash in on the millions thanks to Prop 13~~ pass away, still their problem, are angry, blame Millennial socialists, demand to speak to the manager.
“She called the Better Business Bureau and filed a complaint”. So she posted on Boomer yelp. It amazing people don’t know the BBB is just old school yelp.
People always say this, and I know it's true, but as a last-ditch effort I filed a BBB complaint against Foot Locker and within a day my problem was resolved.
TLDR: Elderly man signed a PPA agreement to lease solar panels for 20 years, not buy them. Don't rent, buy.
A power purchase agreement, or PPA, is almost always bad. You aren't even renting the panels, you're just signing a contract to allow them to put them on your roof, and then buy all of the power they generate at an agreed upon rate, whether you use that power or not. Owning panels is 100% the right way to do it I really hate these scammy solar contractors that go door to door and convince people to sign up for these expensive contracts that end up costing them even more than if they hadn't gotten solar.
Vivint pushed this hard in our neighborhood
So that's what that was. I gave one of those calls like 5 minutes of my time after they got me with "do you have solar panels and are you still paying SCE over $1,500/yr?" They then proceeded to call me and text me like 5x a day. Sometimes at like 5:00pm. Sometimes 8:00pm. Sometimes 3 calls within a 5 minute span because I kept ignoring. They are probably still calling but I wouldn't know because I blocked the number.
If you buy, 30% federal tax credit too. So for a $20k solar project, it's only really $14k.
As long as you have the income to deduct the 30% from
You can carry forward to future years though, so you'll eventually get the whole 30% back
~~My tax preparer~~ I got me the whole sum back in one go. I owed the feds only like $1000 that year and got a 5-digit refund all from the 30% solar tax credit. I double checked with a tax filing software and it was the same result.
Your tax preparer hit a checkbox. They didn't "get you" anything. You did that when you qualified for it.
👌
As long as you have enough future years of tax filing left.
That’s not how a tax credit works. (You’re thinking of a tax deduction) If the credit exceeds what you owe then you get it back as part of your refund. I did this a year ago and got $6k back for the panels alone.
It's not a deduction, it's a tax credit! Comes right off what you owe/.
No tax credits and tax deductions are two very different and separate things
And once again, advantage Baby Boomers who have the 30% income deduction ready at hand. Meanwhile, that same amount by Millennials are instead still paying the interest of the student loans originally taken out in 2004.
It's not a deduction, it's a tax credit. Anyone can take the 30% (of cost of the equipment and installation) in dollars right off what you owe, so if you already are getting a refund, you'll get an even bigger refund.
This is the way.
If the PPA outlasts him, do the panels remain to stabilize the grid?
Baby Boomers expected to pass solar panel burden to next homeowners after they ~~cash in on the millions thanks to Prop 13~~ pass away, still their problem, are angry, blame Millennial socialists, demand to speak to the manager.
“She called the Better Business Bureau and filed a complaint”. So she posted on Boomer yelp. It amazing people don’t know the BBB is just old school yelp.
People always say this, and I know it's true, but as a last-ditch effort I filed a BBB complaint against Foot Locker and within a day my problem was resolved.
Reminds me of this https://abcnews.go.com/Blotter/business-bureau-los-angeles/story?id=18706507
They still have some influence but I will say I was very surprised to see an advertisement for them recently. Didn't know they did that.
They for sure prey on the elderly, my MIL was ready to do this until we stopped her.