Calculator Mode
Select the year your solar system was or will be activated
Select the appropriate calculation method for your situation
Tax Information
Gross Income including W2, 1099, dividends, etc.
Select your tax filing status
Select whether the customer's income is classified as a W-2 employee or a 1099 independent contractor. If any significant portion of income is 1099 choose that option
Qualifying children or dependents for tax credits
$
Only a portion of Social Security income is taxable. Taxability depends on your total income and filing status.
Annual disability benefits received (not taxable)
System Information
Financed: financed purchase, Lease: solar lease, Cash: upfront payment
Do you have (or are you expecting to put in place) an interconnection agreement and are you willing to treat this as a business?
Initial cost, does not include roofs unless solar tiles ℹ️
This is the total cost of your solar panel system before any incentives
Starting amount before credits or escalations
Apply annual increase to monthly payments (common with solar loans)
Number of years financed or leased
Options
Choose between standard 5-year MACRS or 100% bonus depreciation

Depreciation is available on qualifying solar equipment regardless of financing method. Cash, financed, and lease purchases may all be eligible under IRS rules.

Use this option if you’ve already claimed part of your depreciation benefit.
Select Partial and enter the amount already received for the Solar Investment Tax Credit (ITC). Note: the already claimed amount can be verified on tax form 5695.
Do the panels qualify for domestic content bonus (made in the USA)?
Are you installing the panels at a location that falls within an energy community?
Select your state for state tax credit calculations
Automatically calculated based on state selection
$0
Additional state-specific tax credit amount
Are you installing the panels at a location that falls within a Low-income Community and have applied for this credit? Check DOE eligibility map
Tax Summary
From tax information above
$0
From tax information above
Not selected
Estimated Tax Savings
Total Lifetime Savings
$0
Your Marginal Tax Rate: 0%
This credit is not claimed by the homeowner but transferred as part of the Tax Equity agreement.
Credits Transferred: Federal ITC Credit, Domestic Content Credit, Energy Community Credit, State Tax Credits, Depreciation Benefits. The customer will retain all available federal and state rebates not stated here.
Important Disclaimer: Tax savings are estimated based on the information provided, and the maximum credits and depreciation allowed per year. Actual tax savings and the timing of savings will vary depending on your final taxes and income available to deduct from. In some instances, the allowed deductions and credits may be carried forward to future years.
Annual Tax Benefits Timeline
Total Summary
Tax Credits & Depreciation Recovery
Tax Credits Received
$0
Depreciation Benefits
?
IRS Depreciation Rules:
Depreciable basis is reduced by 50% of all tax credits received (ITC + bonuses). This is required by IRS regulations and reduces the total depreciation benefit accordingly.
$0
Total Recovery: $0
Credits spread over 20 years • Depreciation over 5 years
Note: This summary includes only tax credits and depreciation benefits. Interest/escalator deductions continue annually for the full 20-year loan term and are not included in this total.
⚠ Unused Tax Credits
$0
May need additional tax liability or extended carryforward period

Copyright © Midas Wealth. All Rights Reserved.

This estimator is for informational purposes only and provides estimated potential tax credits for residential solar photovoltaics (PV). It does not constitute professional tax advice or other professional guidance and may change based on additional guidance from the Treasury Department. Consult the U.S. Department of Energy's Homeowner's Guide to the Federal Tax Credit for Solar Photovoltaics and other IRS Publications for professional advice and additional information. When an electric utility or other buyer provides cash or another incentive in exchange for renewable energy certificates or other environmental attributes of the electricity generated (either upfront or over time), the payment likely is considered taxable income thereby increasing your gross income.