The 26% Federal Tax Credit Renewed!
Happy New Year! We’ve finally made it to 2021!! 2020 was surely one of the toughest years faced, but with the new year in motion, we can look forward to a brighter future ahead!
For starters, this new year brings a new look to the Florida Federal Tax Credit! Back in 2020, many solar companies were told that the solar tax credit was expected to drop by 4% in 2021 and the years moving forward. This change was to affect all sectors of the solar industry, including commercial, residential, and industrial. However, with the new bill passed by President Trump as of December 2020, COVID relief programs are getting prepared to help many American residents affected, and the solar tax credits are set to maintain their original value to help those interested in switching to solar save. Therefore, the 26% Federal Tax Credit will continue until 2022, then see a decrease to 22% by 2023. While the drop is inevitable, it is nice to know that many homeowners will still be able to save almost $2,000 when they switch to solar for the first time this year and next.
As mentioned by Abigail Harper, CEO of Solar Energy Industries Association, “Over the next few years, we have an opportunity to build a stronger, more reliable, and more equitable American energy economy, and the action Congress is taking today is a helpful down payment.”
Included in the federal spending package is the Better Energy Storage Technology Act. This act will provide approximately $1 billion for energy storage research and development for the next few years. This act will also allow for improvement in “grid reliability and flexibility” (Pickerel, 2020).
So, if solar energy has been on your mind this year, consider making the #switchtosolar with Equity Solar, and save 26% over the year! Give us a call at (407) 901-2040 or click this link to see if you qualify!!
Pickerel, Kelly. (2020, December 21). Solar investment tax credit extended at 26% for two additional years. Solar Power World. Retrieved from https://www.solarpowerworldonline.com/2020/12/solar-investment-tax-credit-extended-at-26-for-two-additional-years/.