Solar Panels

Forum|Forum|4 years ago
April 2, 2022
3 replies
27 views

I leased solar panels back in 2017, can I deduct any part of my payments?

Best answer by DoninGA

Since you are not the owner of the panels you are not eligible for a tax credit.

If the loan is a personal loan, then none of the loan interest payment is deductible. Principal Payments on any type of loan are never deductible.

DoninGA

Answer

Level 15

Since you are not the owner of the panels you are not eligible for a tax credit.

If the loan is a personal loan, then none of the loan interest payment is deductible. Principal Payments on any type of loan are never deductible.

klacbeartax1

Level 2

we didn't install the solar panels on the home we purchased last May 10, 2021, but they were never paid off by the previous owner and when we closed on the house, we had to also close on a 2nd loan to the owners of the solar panels for over $28,000. it is a 30 year loan that we are now paying each month along with payment for the production of energy from the solar panels. so we now own the solar panels by way of monthly payments. can I write off the monthly payments that I am making to the solar panel company for the purchase of the solar panels only (not the energy they are producing)?