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Solar tax credit not so generous

March 24, 2016
Lake Placid News

To the editor:

Apex Solar is offering solar power. That's good. I have it, and I love it; HOWEVER, the story in the Adirondack Daily Enterprise is not quite accurate.

It says that after income tax credits, the customer will only owe about $8,000; that could possibly be $18,000. I had trouble with the numbers, and the following IS accurate. Let's round out figures and say credits come to about $5,000 for federal and around $5,000 for state taxes. To get the full credit, you must pay at least $5,000 federal tax and $5,000 state income taxes. If you are retired, as we are, we have to pay off a "secondary balloon loan" of the full ten grand at the end of the first year or have this loan rolled over into our primary loan, which will double our payments. You can, however, get credits spread out over five years and get the full value that way if the total taxes paid is over $5,000 for fed and over $5,000 state.

I talked with Apex rep Nick Klingerman and leveled with him, and told him I was getting ready to call the attorney general. He agreed that he would correct this. Nick can be reached at 315-651-6909. You may use my name.

Technically, the figures they gave you were correct, but in reality they are not. If you have to spread it out over five years, the balloon payment still has to be taken care of one way or the other at the end of the first year.

These are hard, cold facts. Nancy Bernstein in Vermontville is also very up to date on solar.

Thanks,

Jon B. Bombard

Saranac Lake

 
 

 

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