showme
New Member
Since we got our off grid system commissioned this year, I turned in most of my list of expenses to my accountants. The firm are experts in RE taxes, and when I called to pay for their services, my accountant gave me some surprisingly bad news. Apparently, I can't use the credits because he said I don't have taxable income. I submitted $33,260 in receipts which, at 30%, gave me a credit of $9,978. But since I'm retired and on fixed income from my Ironworkers pension, social security and 2nd Injury fund bi-weekly checks which are not taxable, I'm told I don't have any/enough taxes to do it(?). I have had taxes withheld from my pension checks since I retired on disablilty due to a work injury in 2010, and we always get a refund. My tax guy told me that I'm just paying their office every year to get my money back, and even told me that I should stop having taxes taken out of my pension check. He said I'd just keep the money that's been coming right back to me every year.
I told him that I was planning on stopping the taxes so I could get the money back as a credit in future years, but he believes without actually being at a level that would generate taxes needing paid, that it would cancel each other out and I would be better off selling the credits. I had never heard of this. He sent me a link to renewable energy credit information on PJM Environmental Information Services, but it looks like the info on there is for states other than Missouri. He did mention that when credits are sold, it's usually for 50-70% of the face value, but anything's better than nothing.
So my question here is- Is it possible to sell "solar credits"?, and if so, how is it done? And, if so, would an off grid set up be eligible?
At this point, my wife and I are happy to just have our system and the ability to live where we want with endless "free" energy. It would be nice to get a rebate or money back down the road on our taxes, but we would have built this system regardless, so that's that.
If anyone has had this happen to them or is knowledgeable in this area, I would sure appreciate hearing your views. Thanks in advance! Lee
I told him that I was planning on stopping the taxes so I could get the money back as a credit in future years, but he believes without actually being at a level that would generate taxes needing paid, that it would cancel each other out and I would be better off selling the credits. I had never heard of this. He sent me a link to renewable energy credit information on PJM Environmental Information Services, but it looks like the info on there is for states other than Missouri. He did mention that when credits are sold, it's usually for 50-70% of the face value, but anything's better than nothing.
So my question here is- Is it possible to sell "solar credits"?, and if so, how is it done? And, if so, would an off grid set up be eligible?
At this point, my wife and I are happy to just have our system and the ability to live where we want with endless "free" energy. It would be nice to get a rebate or money back down the road on our taxes, but we would have built this system regardless, so that's that.
If anyone has had this happen to them or is knowledgeable in this area, I would sure appreciate hearing your views. Thanks in advance! Lee
