Hi all,
Well, the latest buzz now is that the Inflation Reduction Act has been signed into law... sounds like now we can claim 30% tax credits on solar installs as well as incentives for EVs, etc.
I was wondering if anyone might know how I would be impacted in the following situation:
1) I am in the middle of a huge trenching/electrical panel upgrade, which is ultimately to provision (and is a prerequisite) for a solar panel installation. This work was started last month and I've a few progress payments in towards it already.
2) I signed a contract for solar and am in the planning stages. Nothing has been paid yet.
3) I signed a contract months ago for a new HVAC system (heatpump) which was on backorder. I put a deposit down and will be paying for the equipment now that it's in. We have deferred our install date to October since it's cooler. It sounds like we *might* be able to get some credit for 2022 but I saw that starting in 2023, the incentive for something like this would go up to 30% with a higher annual limit? Not sure if we would be able to leverage any of that in the case that we ordered the equipment in 2022 but planned for the labor/installation to occur in January? Even if we could, not sure my HVAC contractor would be happy with the notion of storing and sitting on our equipment (unless we were to store it in our garage lol
Anyone have thoughts on all of this?
