Great news! The U.S. Congress passed a bill in December 2020 which the President has signed that includes a 2 year extension of the 26% solar investment tax credit (ITC), which was scheduled to drop from 26% to 22% in 2021.
This means that solar projects that begin construction in 2021 or 2022 will still be able to receive a tax credit at 26%. The residential tax credit will drop to 22% in 2023 and then drop to 0% in 2024; the commercial and utility markets will sit at a permanent 10% credit beginning in 2024. Projects must begin construction in 2021 and 2022 and be fully completed by 2025 to receive the 26% credit.
“We are heartened to see Congress step up to provide Americans with some relief after our country has been mired in a public health and economic disaster,” said Abigail Ross Hopper, president and CEO of SEIA. “This pandemic has taken an immeasurable toll on American families, and our deepest sympathies are with those who have lost loved ones and those who are suffering economically because of the ongoing crisis. Over the next few years, we have an opportunity to build a stronger, more reliable, and more equitable American energy economy, and the action Congress is taking today is a helpful down payment.”
This time, don’t wait until it’s too late! Give us a call today for your no obligation quote.