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Updated over 1 year ago,
Only 1/4th tax credit on solar on my 4plex?
Hi BP,
So, I'm under contract on solar to be put on my 4plex in Tucson AZ. I pay the utilities and I will always pay the utilities at this house. All four units are travel nurse mid-term stay housing, so it makes sense for me to keep them in my name. And I have since gotten rid of all of the gas appliances and water heaters in the building so the whole property is electric now.
I live in one of the furnished units and I have it under the VA loan as my primary residence. But I was unaware that I would only be receiving 1/4th of the 30% tax credit because I only reside in 1/4th of the 4plex. Is this correct? And what else on this subject am I unaware of? I thought locking in an electricity payment or lack thereof would be a great choice for me, not to mention my property is perfect for solar with how tall and flat it is, and that I pay for all utilities. I'm a little shocked because I wrapped a few other things into the loan that are related that need fixed on the property thinking that I would get 30% back on those as well...
I'm a little frustrated and wonder where I went wrong, if I did. Please let me know your thoughts!
Kyle