ITC – Do You Qualify?
Why is the solar industry growing so rapidly? The ITC policy is a huge factor.
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The U.S. solar industry has grown by more than 10,000% since 2006. Why? Part of it is definitely related to the fact that people simply care more about finding energy-efficient solutions now than they did 20+ years ago, but the solar Investment Tax Credit (ITC) is probably the biggest factor. Since the federal policy was enacted, the industry has grown much stronger. Thousands of jobs were created, billions of dollars have been invested in the U.S. economy, and countless homes and businesses have enjoyed the myriad benefits of a cost-effective, energy-efficient solution. ITC’s 30% percent tax credit is simply too good to ignore, but times are changing—and fast.
Unsure of how ITC affects your business? Contact us today and we can help!
A multi-year schedule was created in 2015 to outline solar ITC’s remaining years, and 2019 was earmarked as the last year to lock in that 30% tax credit. In 2020, that number dwindles down to 26%; in 2021 it drops to 22%. But 2022 is where things really take a turn—commercial and utility facilities only receive a 10% tax credit, and residential spaces stop receiving a credit of any amount for solar installation.
This might seem like a bleak outcome for what has been such a fruitful industry-wide shift for all parties, but there’s still some hope. Solar ITC extension bills have been introduced in both the House and Senate, and there’s always a chance that meaningful extensions will be made ahead of the 2020 election (the latest bill proposes an additional 5 years at 30%). The solar market has revolutionized the way we energize the United States, and this tax incentive has helped make our planet a healthier, cleaner place. And that’s where Solar Gain comes in.
If ever there was a time to begin your solar installation project, it’s right now. Our team is dedicated to helping customers enjoy superior solar panel solutions at lower costs, especially with the ITC’s full percentage still in effect until the end of the calendar year. If you want to lock in your solar project with the full 30% ITC credit, no one is better equipped to help you than Solar Gain.
With an in-depth process including detailed evaluations and proposals, solar panel installation, and commissioning, we leave no stone unturned. If you want to implement a clean energy solution that lowers your ongoing costs, increases your energy storage, and optimizes your efficiency, reach out to Solar Gain today for all of the information that you need.