03/04/2021
Good news!
TWO-YEAR EXTENSION OF THE SOLAR INVESTMENT TAX CREDIT
Trump signed the COVID relief bill last year which includes two year extension of the 26% ITC
• The solar investment tax credit (ITC) will remain at 26% for projects that begin construction in 2021 and 2022, step down to 22% in 2023, and down to 10% in 2024 for commercial projects while the residential credit ends completely. Companies beginning construction on projects in 2021 will still have a four-year period to place their projects in service to take advantage of the ITC, with the statutory deadline for projects placed in service reset to before January 1, 2026.
• 2021 = 26% Commercial & Residential
• 2022 = 26% Commercial & Residential
• 2023 = 22% Commercial & Residential
• 2024 = 10% Commercial & 0% Residential
• $35 million appropriation for the Department of Energy (DOE), directing the Solar Energy Technologies Office to “reduce market barriers...to the adoption of solar energy technologies," including "the development of best practices, models, and voluntary streamlined processes for local siting and permitting of distributed solar energy systems to reduce costs.”
• Instruction for the Department of the Interior to set national goals for wind, solar and geothermal energy production on federal land by September 2022 and ensure the government has issued permits for at least 25 gigawatts from those sources on federal land by 2025.
• Boosts annual spending targets to $300 million per year through 2025 for DOE programs that improve solar PV energy efficiency and cost-effectiveness, increase manufacturing and recycling of solar panels, and fund programs to integrate solar power into the grid;
• Directs $100 million per year through 2025 to a newly created Energy Storage System Research, Development, and Deployment Program at DOE, aimed at R&D to improve technologies ranging from distributed batteries and control systems for grid inte.
(information provided by SEIA)
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