The huge new energy and climate change legislative package, officially known as the Inflation Reduction Act of 2022, has passed both chambers of Congress and is set to be signed into law by President Biden. This means that the Federal Solar Investment Tax Credit (ITC) will be extended for 10 years and boosted in value from 26% to 30%. The ITC was originally scheduled to step down in value at the end of this year before expiring altogether after 2023.
The extension of the solar ITC is a welcome move that will keep the benefits of solar within reach for more homeowners. We’ll likely have additional coverage of the ITC extension’s ramifications and other clean energy-related provisions as analysts sift through the bill over the coming weeks. For now, we’re celebrating a big win for homeowners who want more energy independence for less money.
