Expansion of the Federal Solar Tax Credit

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The biggest solar power incentive for homeowners just got even better...

This month, the Inflation Reduction Act was signed into law in the United States. Among many other things, this new law increases the Federal Solar Tax Credit (Solar ITC) to 30% through 2032 and extends it to off-grid (standalone) systems. The new 30% rate is retroactive for all qualifying grid-tied and hybrid systems installed at ANY point in 2022, and will begin applying to off-grid (standalone) systems installed after 12/31/22. For existing grid-tied solar systems installed prior to 12/31/21 that had battery storage added to them during 2022, the battery storage components likely qualify for the 30% rate. The IRS issued private rulings in 2013 and 2018 allowing certain individuals to apply the Tax Credit to their battery storage installations paired with (and charged exclusively by) PV - but these private rulings do not constitute broad legal precedent. If you plan to add batteries to an existing grid-tied solar system before the end of 2022, it is advisable to consult with your accountant or tax professional before planning to claim the Tax Credit at the new 30% rate. The new law also strengthens tax credits for electric vehicles. With utility kWh rates continuing to rise, right now truly is a great time to go solar, back up your power, and maybe even start planning for a solar-charged EV. Check out our solar rebates page for more, and check out our blog post on claiming the Solar ITC to see how easy it is to save 30% off the installed cost of a solar power system! See All Solar Rebates We hope you find that all of this - plus our help and expertise by phone at 877-878-4060 - is helpful in making renewable do-able for you! Facebook YouTube Twitter altE Store Copyright © 2022 altE. All rights reserved. You are receiving this email because you opted in via our website. Our mailing address is: altE 330 Codman Hill Rd Boxborough, MA 01719-1708 Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.