12441

41

HONEST

FEATURED Project

FEATURED Project

EVALUATING CONTRACTORS

IDENTIFY THE OWNERS

Step one: Look up the company FL division of corporations www.sunbiz.org (link). It will have a list of companies ​with similar names if you see several versions of the same name and owners, that is a red flag as it is a common ​practice to hide complaintsavoid litigation liability. Once you find the active entity, take note of the date filed, ​which reflects how long the corp has been in business, and write down the officers' names as one of them should be ​your qualifying licensed electrical contractor. Then, scroll down to the bottom of the page and look at the filings for ​name changes and ownership changes as it is common for companies to buy a shell company to appear to have ​been in business longer .

VERIFY LICENSING AND INSURANCE

Step two is to verify that they are licensed and insured, which can be done via the Department of Business ​and Professional Regulation. Verify that the licensee is an owner via the DBPR( link below for ​convenience). This is important because a lot of companies are operating under the license of a non-​owner. They pay the licensee a monthly stipend, then put a bond up to protect the licensee from financial ​liability, and all of the complaints stick to that license, so if they burn a license, they move on to the next ​licensee. Essentially, they are operating unregulated. To start our vetting process, the licensee must own ​the company. A direct correlation exists between the quality of workmanship, overall professional ​standards, and licensee ownership.

myfloridalicense.com - Verify FL License (click)

CUSTOMER

SERVICE MANAGER

1/4

How does the Better Business Bureau make money? BBB is a “nonprofit” entity ​who sells ratings, accreditations and advertisement space to other companies. ​BBB makes money from small and big businesses. Typically, the larger your ​business, the more money you pay BBB for listings and ads. This is how they ​make their money.

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Solar Leads: Largest and Best Providers (2023)

SolarReviews is the largest supplier of sales leads to the residential solar industry. Learn how ​buying solar leads can help your business succeed today.

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Credit vs. Rebate

This is not a tax rebate that automatically comes back to you when you file, and it is crucial to have an accurate expectation of the timeline for receiving the solar investment tax credit (ITC). If you're financing a solar system. This is because most solar loans are set up assuming you will reinvest the credit or pay down the loan with the honor. If you don't receive the credit as expected, your payments will increase significantly in month 19, which may not fit your budget. This can cause a real problem, leading to missed payments or even defaulting on the loan. So, it's essential to understand the specific timeline and eligibility criteria for claiming the ITC to ensure you can budget accordingly and avoid any potential financial issues.

Tax Credit for Homeowners

The Federal Investment Tax Credit (ITC) for homeowners and the Inflation Reduction Act recently signed by President Biden are tax credits for eligible solar photovoltaic (PV) systems. This credit can also be applied to other energy-efficient improvements.

Eligibility Requirements

Eligible solar PVs must have broken ground during the tax year and generate electricity for a dwelling located in the United States. Your clients must also meet the following requirements:

• The homeowner must own the solar PV system. Financed systems qualify, but leased systems do not.
  

• The solar PV system is new or in use for the first time.
  

Eligible Expenses

• Solar PV panels that are used to power an attic fan.
  

• Site Prep, including roofing and tree work

• Contract labor for site prep, installation, assembly, permit fees, etc.
  

• Wiring and mounting equipment
  

• Energy storage devices charged by solar panels
  

• Sales tax on panel purchases
  

Determining How it Applies to Your Household

The Inflation Reduction Act expands the credit for tax years 2022 through 2032 to a credit of 30% of qualifying costs. This tax credit is unique in the fact that there are no maximum credit amounts or threshold limitations. Form 5695, Part I, must be completed with the Federal Form 1040 in order to claim the credit.

Example: An individual or business purchases a $50,000 system. He has a solar tax credit credit of $15,000 after he files his taxes and receives a tax refund of $5,000. Their remaining tax liability would be $10,000 ($15,000 - $5,000). In this case, the available tax credit is $10,000, which matches the remaining tax liability. Therefore, they can claim the full credit in one year. They would apply for the solar investment tax credit and receive the entire $10,000 as a credit toward their taxes owed or as a refund if they had taxes withheld. However, if their return was $10,000 and their remaining liability was $5,000, they would only receive the $5,000 in the first year, and the other $5,000 would roll forward to the next year.

Unused Tax Credits

This credit is nonrefundable, meaning your clients won’t get a refund for credit amounts that exceed their tax liability. However, the credit will carry forward into the next tax year.

Other Key Information

• Solar panels don’t need to be located on the roof to qualify.
  
• If your client has a home office, the credit computation becomes more difficult. If less than 80% of the solar PV system cost is a residential expense, the IRS only allows the percentage that relates to the residential spending to be used in the credit calculation. The portion that is a qualifying business expense follows commercial ITC rules on Schedule C, which are discussed below.
  
• Your client doesn’t necessarily need to be a homeowner to claim the credit. This commonly arises in a tenant-stockholder relationship in corporations and for condo owners.
  

Credit vs. Rebate

This is not a tax rebate that automatically comes back to you when you file, and it is crucial to have an accurate expectation of the timeline for receiving the solar investment tax credit (ITC). If you're financing a solar system. This is because most solar loans are set up assuming you will reinvest the credit or pay down the loan with the honor. If you don't receive the credit as expected, your payments will increase significantly in month 19, which may not fit your budget. This can cause a real problem, leading to missed payments or even defaulting on the loan. So, it's essential to understand the specific timeline and eligibility criteria for claiming the ITC to ensure you can budget accordingly and avoid any potential financial issues.

Tax Credit for Homeowners

The Federal Investment Tax Credit (ITC) for homeowners and the Inflation Reduction Act recently signed by President Biden are tax credits for eligible solar photovoltaic (PV) systems. This credit can also be applied to other energy-efficient improvements.

Eligibility Requirements

Eligible solar PVs must have broken ground during the tax year and generate electricity for a dwelling located in the United States. Your clients must also meet the following requirements:

• The homeowner must own the solar PV system. Financed systems qualify, but leased systems do not.
  

• The solar PV system is new or in use for the first time.
  

Eligible Expenses

• Solar PV panels that are used to power an attic fan.
  

• Site Prep, including roofing and tree work

• Contract labor for site prep, installation, assembly, permit fees, etc.
  

• Wiring and mounting equipment
  

• Energy storage devices charged by solar panels
  

• Sales tax on panel purchases
  

Determining How it Applies to Your Household

The Inflation Reduction Act expands the credit for tax years 2022 through 2032 to a credit of 30% of qualifying costs. This tax credit is unique in the fact that there are no maximum credit amounts or threshold limitations. Form 5695, Part I, must be completed with the Federal Form 1040 in order to claim the credit.

Example: An individual or business purchases a $50,000 system. He has a solar tax credit credit of $15,000 after he files his taxes and receives a tax refund of $5,000. Their remaining tax liability would be $10,000 ($15,000 - $5,000). In this case, the available tax credit is $10,000, which matches the remaining tax liability. Therefore, they can claim the full credit in one year. They would apply for the solar investment tax credit and receive the entire $10,000 as a credit toward their taxes owed or as a refund if they had taxes withheld. However, if their return was $10,000 and their remaining liability was $5,000, they would only receive the $5,000 in the first year, and the other $5,000 would roll forward to the next year.

Unused Tax Credits

This credit is nonrefundable, meaning your clients won’t get a refund for credit amounts that exceed their tax liability. However, the credit will carry forward into the next tax year.

Other Key Information

• Solar panels don’t need to be located on the roof to qualify.
  
• If your client has a home office, the credit computation becomes more difficult. If less than 80% of the solar PV system cost is a residential expense, the IRS only allows the percentage that relates to the residential spending to be used in the credit calculation. The portion that is a qualifying business expense follows commercial ITC rules on Schedule C, which are discussed below.
  
• Your client doesn’t necessarily need to be a homeowner to claim the credit. This commonly arises in a tenant-stockholder relationship in corporations and for condo owners.
  

element.

design lab

efficiency advisors

efficiency advisors

THE SUNSHINE CITY IS ELECTRIC...

SUNSHINE SKYWAY BRIDGE ST. PETERSBURG, FL SUNSHINE AND LIGHTNING CAPITAL OF THE WORLD

THE SUNSHINE CITY IS ELECTRIC...

SUNSHINE SKYWAY BRIDGE ST. PETERSBURG, FL SUNSHINE AND LIGHTNING CAPITAL OF THE WORLD

Contact

P.727.656.5082

E.info@elementefficiency.com