Solar Investment Tax Credit
Post date: Dec 23, 2015 6:37:9 PM
As many of you may already know, last week, the US House and Senate passed an omnibus bill that included the extension of the federal Investment Tax Credits (“ITC”) at the current 30% rate for 3 years, then declines based on the schedule below. On Friday, President Obama signed the bill into law. As you can imagine, this is welcomed relief for the entire solar industry, and is beneficial to the projects each of you are contemplating because without the ITC extension there was significant risk that new solar development would come to a halt.
Several highlights of the federal ITC extension are as follows:
3 year extension to the 30% ITC, ending on December 31, 2019
Declines to 26% ITC, ending on December 31, 2020
Declines to 22%, ending on December 31, 2021 with an attached construction clause
10% ITC for each year afterward
Now that our federal elected officials have acted in support of renewable energy, we must continue to push our State elected officials on Beacon Hill to support expansion and/or continuation of net metering. Many of the projects under consideration depend on that expansion and/or continuation. Please let me know if you have any questions.
If we don’t chat in advance, I wish you all a very happy, healthy and safe holiday season.
Best personal regards,
Beth Greenblatt
Managing Director
Beacon Integrated Solutions