[RE-wrenches] Residential ITC question

[Paul Israel]

Howie, 

 

Short answer is January 1.  This is from the SEIA press release and SEIA tax
manual

 

The solar investment tax credit (ITC) provisions will:

.         Eliminate the $2,000 monetary cap for residential solar electric
installations, creating a true 30-percent tax credit (effective for property
placed in service after December 31, 2008)

.         

NOTE:  Sunlight Solar Energy, Inc.;  SSE is defining "property placed in
service after December 31, 2008" as the date of the final approval,
referenced by a letter from CL&P or UI stating that the system has passed
its' inspection/witness test and is approved for interconnection to the
utility grid.   Please contact your tax preparer or accountant for final
decisions.

 

 

 

Placed in Service defined:   (Per SEIA Tax Manual)

 

2. Placed in Service

 

2.1 General Requirements

 

Equipment is considered "placed in service" in the year it is capable of
being used by

 

the taxpayer for its intended purpose. Four things must ordinarily have
happened for

 

this to be true:

 

. The equipment must have been delivered and physical construction or 

installation on site must have been completed, although contractor personnel
can

 

still be at the site in support of startup and maintenance and completion of
minor

 

tasks like painting and attending to punchlist items.

 

. The taxpayer must have taken legal title and control of the equipment. 

. The taxpayer must have the licenses and permits needed to operate it. 

. Pre-operational tests must have demonstrated that the equipment can serve
its 

intended function. (Other testing to determine whether the equipment can

 

operate at the design capacity and to identify and eliminate defects can
occur

 

after the equipment is in service.) Testing is more important at projects
that are

 

integrated and assembled on site under contract as opposed to where an

 

integrated device is merely purchased "off the shelf." Equipment bought off
the

 

shelf is usually assumed to be in workable condition. 

 

 

 

Paul N. Israel, President

paul at sunlightsolar.com

www.sunlightsolar.com

541/389-3480 (Oregon)

203/878-9123 x103 (CT)

860/617-6527 (Cell)

 

-----Original Message-----
From: re-wrenches-bounces at lists.re-wrenches.org
[mailto:re-wrenches-bounces at lists.re-wrenches.org] On Behalf Of Howie
Michaelson
Sent: Friday, October 03, 2008 5:17 PM
To: re-wrenches at lists.re-wrenches.org
Subject: [RE-wrenches] Residential ITC question

 

Hi All,

 

Does anyone know definitively whether the residential tax credit extension

with no cap on the 30% is effectively immediately or on January 1, 2009?

 

Thanks,

Howie

-- 

Howie Michaelson

NABCEP Certified Solar PV InstallerT

 

Sun Catcher, LLC

Renewable Energy Systems Sales and Service

VT Solar & Wind Incentive Program Partner

http://www.SunCatcherVT.com

(cell) 802-272-0004

(home) 802-439-6096

 

 

 

 

 

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