Blog Layout
Casey Boss • March 13, 2021
Solar investment tax credit extended at 26% for two additional years
Dec. 28 update: The President has passed the federal spending package and all solar aspects are still intact.
Extended renewable energy tax credits have been included in a $1.4 trillion federal spending package alongside a $900 billion COVID-19 virus relief spending bill. The solar investment tax credit (ITC), which was scheduled to drop from 26% to 22% in 2021, will stay at 26% for two more years. The wind industry also received a limited extension of its production tax credit.
This means that solar projects in all market segments — residential, commercial, industrial, utility-scale — that begin construction in 2021 and 2022 will still be able to receive a tax credit at 26%. All markets will drop to a 22% tax credit in 2023, and the residential market will drop to 0% while the commercial and utility markets will sit at a permanent 10% credit beginning in 2024.
You can view the language updates for the commercial/utility market beginning on pg. 2439 and the residential solar market beginning on pg. 2448 here.
View full article HERE
The picture shows a field filled with rows of shiny solar panels, all angled towards the sun. The panels are set up in a large grid, with each panel appearing to be mounted on a metal frame. The field stretches out towards the horizon, with the bright blue sky forming a backdrop to the scene. The solar panels are a clear indication of the use of renewable energy, and the vast size of the field suggests a significant commitment to sustainability.
A solar tax credit is a government incentive that allows individuals or businesses to reduce the amount of taxes they owe if they purchase and install solar panels on their property. This credit is designed to encourage the adoption of renewable energy sources, such as solar power, and to help offset the cost of purchasing and installing solar panels. The amount of the credit varies depending on the location and the size of the solar energy system, but it can be a significant financial benefit for those who choose to invest in solar power.
The picture shows a field of gleaming solar panels, basking in the warm sunlight. This commercial solar installation is a testament to our commitment to renewable energy and a cleaner, greener future. The sun's energy is captured by photovoltaic cells and converted into electricity, providing a sustainable source of power for homes and businesses. This solar farm is just one example of the many ways we are working to combat climate change and protect our planet for future generations.
Our Solutions
Resources
Contact Us
