The Solar Investment Tax Credit.
The good news for solar just keeps on coming! Thanks to the Inflation Reduction Act signed into law during August 2022, the Solar Investment Tax credit (ITC) has been increased to 30% again (retroactive to January 1st, 2022) and extended for 10 years for both residential and commercial/utility-scale solar projects! That means you can invest in solar energy and still save at least 30% off the cost of your system with a dollar-for-dollar reduction against your Federal taxes! Starting in 2033, the ITC will begin to step down and end in 2035. The ITC can be rolled over for a maximum of five years, providing taxes owed are less than the ITC credit earned. Even better news? The new and improved ITC provides the same 30% tax credit for standalone residential solar storage batteries over 3 kWh when purchased after December 31, 2022!
For more detailed information on the Solar Investment Tax Credit, including commercial scale details, ITC adders, and direct pay opportunities for non-profits, please visit Solar Power Wold Magazine. And if you're ready to make the switch to solar right now? There's literally never been a better time. Give Scudder Solar a call today and schedule your FREE solar site or solar + storage evaluation. All it takes is one phone call to 831-384-3900!