How do I enter in solar panels?

Question

Here's my situation:
 • I installed solar panels for my roof.
 • I took a loan to pay for the system.
 • The electric company pays me for the electricity I generate

How do I reflect all of this in Quicken? I guess the system is an Asset with a Loan against it, but how do I keep track of how much money this asset is generating?

Thanks in advance :)

mgreenberg · Answer

Thanks for your quick and helpful answers!

Rocket J Squirrel · Answer

This is what I did when I installed solar. I use my "House" account to track my adjusted basis, not estimated value of the home.The amount paid for the system increased my basis in the house by the amount spent. The federal income tax residential energy credit taken decreased the basis by that amount.

Frankx · Answer

Hi @mgreenberg,

Yes, the installation of the system would typically be treated as a home improvement.  You could set that up as an "addition" to your "Home" asset account, which I think would be preferable, or as a new "asset" (both of which should be in in the Property and Debt" section).  And, I also agree that a loan account should be setup in that same section.

As far as the income that is generated (i.e. - the payment from the electric company) you could record that in 2 ways:

a) You can setup an income account - call it "solar panel income" - which would likely be the easiest way to be able to see that number on both a monthly and over-time basis;

b) You could also just apply it against your electricity expense each month - which  effectively would offset that monthly utility, and this may be the easier approach, especially if your electric company is handling it this way already (i.e, - they offset your monthly electric bill rather than send you a check each month).

Let me know if you have any followups.

Frankx

[edited for minor typos]