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Video instructions and help with filling out and completing form 5695
Hi everyone Joe already here for PE G solar and today I'm gonna be answering the question how do I get my 30% tax rebate for solar it's a question that's important for a lot of folks because in many cases the way we finance the purchase of the solar power system actually requires you to capture the government tax rebate and use it as a down payment towards your solar financing so I want to make sure all you guys are able to take advantage of that without any hassle now what you're going to be doing is at the end of the year when you or your accountant prepare your tax returns you're gonna be filing what's called a Form 5695 for residential energy credits now a lot of the form is actually we're gonna leave blank because it applies to other types of energy efficiency projects beyond solar so I'm gonna show you the parts that you're really gonna be most interested in and how to fill the form out so that we make sure you get your tax credit with no problem the top of the form just go ahead and provide your name here and social security number here and then on the line number one you're gonna want to enter the total cost of your solar power system so in the example here we're using a nine kilowatt solar system so on the top line this is going to be the total contract price including all equipment and the labor to install that equipment the next three lines you can leave blank this is for solar water-heating wind energy and geothermal which really doesn't apply to us here so we're gonna leave the next three lines blank and then line five you're again gonna put the same number line five is simply the sum of lines one through four so it's gonna be that same number here total system cost or total contract price for your solar system line number six is just gonna be take the total amount in line number five multiply it by 0.3 or 30% and that's gonna be your number here so in our example the total system cost is twenty four thousand nine hundred forty eight dollars and ninety cents and so our thirty percent rebate is going to be seven thousand 484 dollars and 67 cents now we can skip this middle section here this deals with fuel cell technology so not going to apply for the rebate however just be sure to include your complete address where your solar system is installed here now we'll drop down to line 13 and line 13 again is going to be that 30% tax credit value that we put in at line six now the only reason that this would change is if you already have solar and you have credits that you are carrying over from a previous year then it's going to change this calculation slightly