Clean Energy and Transportion Committee
In December 2020, Congress passed a massive federal budget bill that included, “a two-year extension of the Investment Tax Credit for solar power, a one-year extension of the Production Tax Credit for wind power projects, and an extension through 2025 for offshore wind tax credits — a significant last-minute boost for clean energy industries.” (Source: Congress Passes Spending Bill With Solar, Wind Tax Credit Extensions and Energy R&D Package | Greentech Media)
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This of course is wonderful news for those wanting to go solar. So, what does it mean? Here is a little bit of history: The Investment Tax Credit was created in 2005, which gave taxpayers a 30% tax credit for home solar installation. The credit was extended annually or bi-annually until 2015 when a long-term extension was implemented with a phase down of dropping to 26% in 2020, 22% in 2021 and down to zero after 2021. The Investment Tax Credit was set to expire this year!
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With the passage of the budget bill, however, homeowners who go solar in 2021 or 2022 will be eligible for a 26% tax credit. Homeowners who invest in solar in 2023 will be eligible for a 22% tax credit. The credit expires after 2023 (except for large-scale solar projects and to zero percent for small scale solar projects in 2024 it will fall to 10%).
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Going solar helps create jobs, reduce energy use, fights climate change, and helps save you money! Interested in going solar? Contact mgutierrez.league@gmail.com.
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The Clean Energy and Transportation Committee is need of at least two individuals to help with the responsibilities of the committee. Please note that you do not have currently have to be knowledgeable in solar.
Respectfully,
Mary Gutierrez
State Nominating Committee Chair
LWVPBA – LWVOW
Solar Co-op/EV Committee
Natural Resource Committee