Solar Savings Estimator

Calculate your potential tax savings and financial benefits from installing solar panels

1 Tax Info
2 System Info
3 Options
4 Results

Calculator Mode & Tax Information

Select the year your solar system was or will be activated

Tax Information

$

Total gross income including W2, 1099, dividends, Social Security, disability, and non-taxable interest. The fields below help us calculate the taxable portions - they do not add to your income.

Select whether income is primarily W-2 or 1099

Qualifying children or dependents for Child Tax Credit

Taxpayers or spouse age 65+ (for extra deductions)

$

Only a portion of Social Security income is taxable

$0
$
$

System Information

System 1

Do you have (or are you expecting) an interconnection agreement and are willing to treat this as a business?

$

Initial cost, does not include roofs unless solar tiles

kW

Enter the total kilowatts of your solar system

$

Starting amount before credits or escalations

%

Annual percentage rate (APR) for your loan

Apply annual increase to monthly payments

Number of years financed or leased

Credits & Options

System Credit Bonuses

Configure tax credit bonuses for your solar system(s)

System 1
Domestic Content +10%
Energy Community +10%
Check eligibility
Low Income Community +10%
Check eligibility
ITC Already Claimed?
State Credit
Click to expand
$
Note: Additional incentives (including SRECs) are paid directly to you—they are not part of your tax return. They may or may not impact your overall tax situation. Consult your tax advisor for guidance.
✓ Results updated based on your latest inputs

Your Solar Savings Results

Your Midas Savings Report

Total Solar Savings $0
📋 Tax Savings $0
🏛️
Federal Tax Credits ▸ $0
🏠
State Tax Credits ▸ $0
📉
Depreciation Deduction ▸ $0
💰
Interest Deductions ▸ $0
💵 Additional Incentives $0

Midas assists with tax savings only. For additional incentives, please consult your sales representative to discuss how to recoup these benefits.

🎁
Total Incentives ▸ $0
0 Monthly Payments Covered

📋

If your system was activated in a prior year, you may need to amend your tax returns to claim these benefits.

*State incentives vary by state and type:

  • Tax Credits (AZ, CO, HI, MA, NM, NY, SC): Reduce your state taxes dollar-for-dollar. Most can be claimed in Year 1 except SC which has annual limits.
  • Tax Deductions (ID): Reduce your taxable income (like depreciation), spread over multiple years.
  • SRECs/Production Payments (IL, NJ, MD, etc.): Based on energy production, not installation cost. Add these as "Additional Incentives" - they're paid directly to you, not through taxes.

**Additional incentives (utility rebates, SRECs, city programs) are typically paid directly to you, not through your tax return. These incentives may or may not impact your tax liability depending on the specific program. Timing and tax treatment vary—consult your tax advisor.

Year-by-Year Breakdown

See how your tax savings are applied each year. Deductions (depreciation, interest) reduce your taxable income first, then credits offset remaining taxes. Unused credits carry forward.

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