Following the Senate’s lead, Congress just approved the Inflation Reduction Act which including legislation focusing on the Climate Crisis. Embedded within the bill are new clean energy and solar incentives which will help accelerate the transition from toxic fossil fuels to renewable energy.
Some of the solar-related highlights:
- A 30% tax credit for homeowners who install solar until 2032.
- Note: If you installed solar this year, and were expecting a 26% credit, you will now be eligible for a 30% credit.
- Allows nonprofits, schools, and municipalities to take a cash payment in lieu of the 30% tax credit. As entities that don’t pay taxes, these institutions were previously unable to benefit from the credits.
- Creates for the first time a 30% tax credit for the purchase of battery storage systems.
- Expands the Rural Energy for America Program (REAP) to provide grants and loans to farms and rural small businesses to help them go solar.
- Provides funding to help electric cooperatives and tribal communities go solar.
We’ll be providing more updates as we get more details, but this is an epic win for the planet!
When you’re ready to get a free, customized, no-pressure quote, please give us a call at 206-706-1931 or fill out our contact form below and we’ll show you the financial and environmental benefits of going solar.
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