We’re pleased to report the Consolidated Appropriations Act, 2021 extended the ITC, (Investment Tax Credit) for solar as part of the economic stimulus package. This extension will help more people make the transition to clean, renewable energy over the next few years. Part of the stimulus package provides additional funding for research and development on ways to reduce the soft costs for distributed energy and improved access to Federal lands for renewable energy projects (much better than drilling for oil!).
With this extension, the Federal Tax Credit for solar remains at 26% through the end of 2022 and steps down to 22% in 2023. There is no tax credit scheduled for homeowners beginning in 2024 however Commercial and Utility solar will still be eligible for a permanent 10% solar tax credit.
We will closely monitor the new Administration’s policies as they relate to solar and renewable energy. Solar is now the cheapest form of new electrical generation and there is no time to waste in the fight against the Climate Crisis.
As always, stay tuned to our blog post for the latest in solar and renewable energy news.