I am self-employed and looking into a vehicle purchase in 2022. I will look at purchasing a qualified vehicle that is both EV and GVWR of 6,000 lbs. I plan on utilizing 100% depreciation (all business use 2022) AND $7,500 Federal tax credit for the EV with a qualified manufacturer. Easy enough...BUT
Furthermore, I am looking into adding solar for my home in 2022. Current Federal tax credit is 26%. This is where I am trying to get creative. I can go at this a lot of ways, but I suppose I will try the most extreme option and see what the community thoughts are.
I install solar panels that cover my estimated kWh use for the electric vehicle based on historical driving mileage (15,000 miles p/year) and low end of an estimate on total kWh that I will utilize for the year. Furthermore, I would not put the solar panels into "service" (turn on, connect to grid) until the last day of the year for "commercial purposes" (i.e. my EV). I would then take the 26% Federal tax credit and utilize the MACRS approach for bonus depreciation for the cost of the system (see additional resource the Department of Energy below). I would plan on owning my EV for 5 years and utilize for a minimum of 50+% for business use (historically closer to 80%).
Additional resource with regards to solar panels from the Department of Energy: https://www.energy.gov/sites/prod/files/2021/02/f82/Guide%20to%20the%20Federal%20Investment%20Tax%20...
Seems plausible given that I am putting solar panels to use in a "commercial setting". That said, what are your thoughts and what additions/changes would you make to pass the eye test as it were. I would keep all documentation from the solar provider and EPA ratings for my vehicle. Ready....BREAK!
