Solar Power Shed Project

   / Solar Power Shed Project #31  
Wow, nice job. I guess this is what the world is coming to anyway.
 
   / Solar Power Shed Project #32  
3RRL - I have a tax attorney uncle who says "if you are not getting audited you are not pushing them hard enough". Do your homework and get your ducks in a line. He would also say "until it's been to tax court my opinion is as good as the IRS's". Unfortunately for me ya gotta have a lot of $$ before you can play in these arenas. Back in the late 60's individuals would have to have 6 figure incomes before it was worthwhile to use his services.
 
   / Solar Power Shed Project
  • Thread Starter
#33  
midlf,
I appreciate the vote of confidence and as I said, it's something worth lookning into. It would make a huge difference in the return I got. My accountant is researching what the restrictions are (if any) to doing it. He's much like your attorney friend and feels the same way about the IRS.
 
   / Solar Power Shed Project #34  
3RRL said:
WOW, that's good information and thanks. Unfortunately you may have seen the photos above and I already have bought mine. I will pass this information on to my contractor to see what he says. Maybe he can recommend them his other clients if they meet the system's requirements. Do you have any idea of the cost? One thing I see already is the batteries I bought have a 10 year warranty on them.
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Rob,

The batteries you got are better for solar application. They may not be the obsolute best batteries, but pretty good price/performance for a home solar power system. Fork lift batteries are excellent batteries but their design characteristics are different. They were designed to take a much higher charge rate and deeper discharge state without shorten it's life span. They also can take a lot of abuse. Which you have to paid for but not really needed for a stationary battery banks. They were intended for chargers connected to the grid with almost unlimited current to recharge it quickly.

Tom
 
   / Solar Power Shed Project #35  
Great thread Rob, lotsa new info to be learned here for me! FWIW, if the added tax benefit$ were there, I personally would not hesitate to be as aggressive as possible on this (even if it meant setting up 3RRL Energy Co., LLC with net metering at market rate and written records, etc.). After all, you're not likely to break a terribly big sweat moving $$ from one pocket to the other. ;) Unless one has a bunch of skeletons in the closet, not using the tax code in a way to capture the max tax credit/write-off allowed is just throwing money away IMO. Not a tax expert but if you were ever to be audited on this, I should think you would only be audited once for the 'propriety' of the arrangement, then it becomes a non-event. Good job and good luck getting up and producing.
 
   / Solar Power Shed Project #36  
Great idea on the LLC thing. I love stuff like that. I like all others, hate to pay taxes. I am in the process of getting my hobby horse farm into an LLC.
 
   / Solar Power Shed Project
  • Thread Starter
#37  
I'm not familiar with the LLC and wanted to know if it has to be set up prior to purchasing the system or can it be set up during/after the solar system is paid for? We have already (obviously) paid the down payment and other expenses like built the power shed etc. Or can I just write the entire contract in the name of my present company?...that was the original idea? I have had several replies in the thread to take advantage of every write-off a man can get.
Thanks,
 
   / Solar Power Shed Project #38  
3RRL - I believe you are now at lawyer time. The LLC questions you have are, I believe, beyond the scope of TBN. So much depends on your specific situation, your finances, and your state incorporation laws and tax laws.
 
   / Solar Power Shed Project
  • Thread Starter
#39  
midlf said:
3RRL - I believe you are now at lawyer time. The LLC questions you have are, I believe, beyond the scope of TBN. So much depends on your specific situation, your finances, and your state incorporation laws and tax laws.
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Yes, you are right. I'll hook up with the attorney and accountant to hash this over from here. Thanks for the input.
Rob-
 
   / Solar Power Shed Project
  • Thread Starter
#40  
I got the 20kW generator this weekend. It's a Cummins 20GGDB industrial model, 1800rpm and liquid cooled. This one should last me a lifetime. It's got enough power to charge the entire battery bank while providing power to run the household or shop.

Here it is just unloaded by my powerful Kama.

 
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