Solar Tax Credit Extended!

In a surprise move, the COVID-19 stimulus bill that was signed into law on December 27th includes extensions for renewable energy projects, including solar!

What does this mean?

The ITC (investment tax credit) program has been extended by two years. Solar projects beginning in 2020, 2021 or 2022 are eligible for the 26% tax credit. If your project begins in 2023, you will still be eligible for the 22% tax credit. After that, the tax credit is reduced to 0% for residential systems and 10% on commercial systems in perpetuity.

So if you had thought you’d only be receiving a 22% tax credit for your solar system installed in the coming year, you can look forward to an additional 4% on top of that.