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After what has been a challenging start to the new year, we wanted to highlight a recent piece of good news for the solar industry in case it got lost in the shuffle. On the evening of December 27th the president signed into a law a spending package that included a two year extension of the solar Investment Tax Credit (ITC) at its current 26% rate. Previously, the credit was planned to drop to 22% in 2021, then terminate for residential projects and drop to 10% for large-scale projects by 2022. With the extension, the ITC will remain at 26% until the end of 2022, drop to 22% in 2023, and terminate for residential projects and drop to 10% for large-scale projects by 2024. The Montana Renewable Energy Association put together this infographic to help break it down.
This is is excellent news and something that all of us in the solar industry have been advocating for over the past few years. The ITC has played a critical role in the rapid growth of the solar industry since it was first introduced in 2006. According to SEIA, the ITC has helped the solar industry grow by 52% annually since it was enacted. Read more about it here, and feel free to get in touch with any questions!
