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USA Federal tax credit for solar 2023 is increasing

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pilgrimvalley
(@pilgrimvalley)
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Joined: 4 years ago
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Topic starter  

I have a 1977 Toyota land cruiser 4x4 in Bolivia that we just keep repairing (in Bolivia, South America)..... they keep wanting to put a diesel engine in it... I bought it from the Russians who were there after escaping from Russia for religious persecution...in 2003 or 2004...🤔

we always avoided Chinese made tools as much as possible and preferred German, Brazilian, or Argentina made things...

Toyota hilux trucks are very popular there

😎


   
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(@dickson)
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Toyota hilux trucks are very popular there

Toyota last forever with new  parts from China .    Toyota tell China to stop copying their parts   but that not going to happen .   My friend from Iraq say almost all the trucks in Iraq are Toyota .     


   
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pilgrimvalley
(@pilgrimvalley)
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Topic starter  

they sell clone Honda engines right and left in Bolivia and motorcycle clones also from China....

China is not going to listen to much of anyone....

Iraq would be a bit scary for the American to be in.....


   
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(@dickson)
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Iraq would be a bit scary for the American to be in.....

He  now live in  Arizona  and  China is running the oil field  after the American leave .    10 years of war in Iraq to get rid of the Russian missles  and China get the  oil .    


   
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pilgrimvalley
(@pilgrimvalley)
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Topic starter  

sad that China gets the oil...but USA can not control these dictator countries....their people within have to demand freedom...

if we could get away from the oil controlling the world it may help some...

the USA wastes too much money trying to buy friends in foreign countries that hate(/are jealous) of the freedom and prosperity in the USA. But the USA is a tax H E double L.

every place their seems to be another tax burden on the consumer...and inflation is rampant....going to make it increasingly hard for the old-timers on a fixed income....etal...

sorry to get into politics, but I think they should invest in the USA vs trying to buy off foreign countries...

 


   
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(@robertm)
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Joined: 3 years ago
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For reasons I don't understand, the US gave new battery technology to China.

https://www.npr.org/2022/08/03/1114964240/new-battery-technology-china-vanadium

 

And China owns the biggest US source of lithium.


   
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pilgrimvalley
(@pilgrimvalley)
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Topic starter  

likely an democrat FTX donor recipient had something to do with over seeing the selling the USA interest in the lithium deposit and letting the technology get away to the copy cat cloning experts...🤔😢🤣😒

but I have no evidence of that, just trying to make light of dumb thing they have allowed to occur... hard to compete if you give the technology away...

and yet they continue to look for more ways to tax the little guys....

but thanks for the above news link....it is sad and very interesting in what the poor taxpayer ends up funding in the USA..


   
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(@notmario)
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Joined: 3 years ago
Posts: 314
 

Take advantage while you can.

Price of oil is not going back down. The damage was done the instant keystone was stopped. Nobody will invest in oil now because at any moment the govt can null it out.
Related fuels (ng, prop, naphtha) will follow suit. Electric utilities aren't immune forever and the prices will compensate eventually. So reduce your reliance as much as you can.

The US is a perfect analog of a person with no self-confidence that feels the need to buy drinks for everyone at a bar who doesn't care about them hoping it will make them popular. This only ends when the person finally runs out of [borrowed] money. It's clear we're getting close to that point.


   
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(@aquaticslive)
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Posts: 249
 
Posted by: @pilgrimvalley
Iraq would be a bit scary for the American to be in.....

I spent my share of time there, not a fun time for sure.  Kuwait was worse though lol so you lose perspective of how bad places are.  The other issue is that Russia purchased so many of the oil drilling operations and refineries in the Middle east so they are all not connected very tightly.  Maybe that is a good thing or bad, the wars will not be the same anymore since they all depend on each other so much.  We all moved to Turkey on the last rotations and if you are going to visit for fun that would be the place I go.


   
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pilgrimvalley
(@pilgrimvalley)
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Topic starter  

However, taxpayers must be careful that they can demonstrate that 100 percent of the energy used by the battery is derived from a solar source.


   
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pilgrimvalley
(@pilgrimvalley)
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30 percent tax credit if the battery is completely charged by solar power for your off-grid solar PV projects, so 2023 would be a good time to upgrade the battery and solar panel systems for off grid systems...


   
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pilgrimvalley
(@pilgrimvalley)
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The White House today released a new resource titled Building a Clean Energy Economy: A Guidebook to the Inflation Reduction Act’s Investments in Clean Energy and Climate Action, which it describes as “provid[ing] clear descriptions of the law’s tax incentives and funding programs to build a clean energy economy, lower energy costs, tackle climate change, and reduce harmful pollution.” Here is in link to the Guidebook.

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pilgrimvalley
(@pilgrimvalley)
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Topic starter  

182 page pdf....for your reading pleasure....the "Building a Clean Energy Economy: A guidebook to the inflation reduction act's Investments in clean energy and climate action"

good thing it is a short title and a short read....ha ha ha

but still 30 percent tax credit will help anyone investing in solar equipment especially for off grid use....🤔😎

 


   
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pilgrimvalley
(@pilgrimvalley)
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Topic starter  

the climate is changing>>>>> it went from 10 degrees Fahrenheit below zero to 6 degrees below zero Fahrenheit so far this morning.

good thing the new IRS tax code change is helping in the USA....🤔😎

the snow & sun reflection is phenomenal, maybe one needs to be issuing sun glasses for us also as required equipment???

ground blizzard outside now

 


   
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pilgrimvalley
(@pilgrimvalley)
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Topic starter  

How Does the Solar Investment Tax Credit Work?

The Investment Tax Credit (ITC) is currently a 30 percent federal tax credit claimed against the tax liability of residential (under Section 25D) and commercial and utility (under Section 48) investors in solar energy property. The Section 25D residential ITC allows the homeowner to apply the credit to his/her personal income taxes. This credit is used when homeowners purchase solar systems and have them installed on their homes. In the case of the Section 48 credit, the business that installs, develops and/or finances the project claims the credit.

A tax credit is a dollar-for-dollar reduction in the income taxes that a person or company would otherwise pay the federal government. The ITC is based on the amount of investment in solar property. Under current law, the ITC will continue according to the following schedule:

<img alt="ITC schedule under IRA" data-ratio="20.20" height="202" style="border:0px;padding:0px;vertical-align:baseline;" width="1200" data-src=" " src="/applications/core/interface/js/spacer.png" />


   
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