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Get your taxes done using TurboTax
I feel I understand the credits with solar. What I've been told and read is separate from that though. It is a business relationship between me and the city that provides electricity. My solar produces excess in the daytime and this is transferred to the city's grid. They essentially give me a credit for the extra during the day and then give it back to me at night and throughout the year when I need it. This is referred to as net metering. Any excess I produce at the end of the year they do not pay me for it, they keep it. Essentially we have business agreement between us and from what I've researched, this allows me to "write off" portion of the solar expense over 5 years of depreciation through what's referred to as MACRS (Modified Accelerated Cost Recovery System). What can you tell me about this?