Navigating the Solar Tax Credit in 2023: Insights and Advice

Dr. Friday Tax Tips
Dr. Friday Tax Tips
Navigating the Solar Tax Credit in 2023: Insights and Advice
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In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday explores the unchanged solar tax credit, offering a personal perspective on the viability of solar energy in Tennessee. Despite her enthusiasm for green initiatives, Dr. Friday shares concerns over the lack of a buyback program and potential costs associated with solar energy in certain counties. She highlights that individuals interested in going solar can benefit from a 30% tax credit on installation costs, a provision that extends through 2032. This episode is essential for those considering solar energy investments and looking for tax-saving opportunities.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.

No big changes on this one since 2022, the solar tax credit. Now, you guys all know I’m such a green individual that solar is going to be something I’m going to jump out and probably do, but honestly, no, because here in Tennessee, we don’t have a buyback. We have to regenerate it, we have to put it into batteries, and if you happen to blow a transformer, they’re going to bill you personally. So at least in Murray County, not going to go solar. That being said, if you are someone that wants to do solar, you can take up to 30% of the installation in the first year, and that’s going to ride out through 2032, and therefore you can save money by solar.

You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.