The current 30% tax credit will also be retroactively available for eligible solar energy system owners with installations completed in 2021 at a 26% rate. At up to 30% of project expenses, the federal tax incentive can be applied to the total costs of parts, labor, and installation for solar energy panels, battery storage, and other system components.Īfter the 10-year extension, the solar investment tax credit will be reduced to 26% of total system costs in 2033, then 22% in 2034. The solar ITC can be redeemed by the owner of a clean energy system on a residential or commercial property. The Inflation Reduction Act of 2022 will extend the ITC for 10 years while reinstating a 30% tax rebate on the total cost of a solar installation. Originally enacted in 2006, the investment tax credit has helped the United States solar industry grow by more than 10,000% in 15 years. It also introduces several new investments for clean energy manufacturing and industry advancement. The Inflation Reduction Act represents a momentous extension of solar tax credits for renewable energy system owners. Solar Energy and the Inflation Reduction Act of 2022
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