The Federal Solar Investment Tax Credit (ITC) is now 30% until 2032. This means that someone who installs a $20,000 home solar energy system could claim a $6,000 tax credit when filing taxes.
The 30% ITC is in effect for solar electric systems installed in 2022. So you can save on taxes and invest your hard earned money in your long-term energy future.
The Federal Solar Investment Tax Credit (ITC) is not new. However the Inflation Reduction Act (IRA) signed into law by President Joe Biden on August 16th, 2022, added a decade of life to the credit originally slated to expire at the end of 2023. The bill is America’s biggest ever climate investment and includes tax incentives for home solar, electric vehicle purchases, and other green energy initiatives.
What else is in the Inflation Reduction Act (IRA)? Here are some highlights.
The High Efficiency Electric Home Rebate Program. (HHEEHRA) is designed to help low to moderate income households purchase efficient building technologies:
- $8000.00 for heat pump space heating/cooling
- $1750.00 for heat pump water heater
- $1600.00 for air sealing/insulation/ventilation
- $4000.00 for panel upgrade
- $2500.00 for electric wiring
- $840 for stove /oven
- $840.00 for heat pump cloths drier
The Clean Vehicle credit
- $7,500 credit for new electric vehicles and a $4,000 credit for used electric vehicles.
Loans for clean energy investments
- The Funding for Department of Energy Loan Programs Office (LPO) provision will provide LPO $3.6 billion to guarantee loans up to $40 billion in principal amounts. Check out Financing, Energy Grants & Funding Solar.
Check with your SBS Solar design team for updates.
This is a perfect time of year to Go Solar! Begin planning next years system today. One of the best ways to size a solar electric system is to look at your utility power bill. Learn more…
Invest in your long term energy independence. Put your hard earned money to work for you with the 30% federal tax credit
Call SBS Solar today for your free residential or commercial estimate. 406-541-8410