The federal investment tax credit is arguably the top solar incentive in the United States. In 2015, Congress decided that it needed to extend the solar tax credit for the first time to keep the momentum of solar adoption going. The idea was to gradually phase out the tax credit by reducing it from 30% to 26% to 22%, and so on. After 7 years, the plan was to completely phase out the tax credit for residential properties and retain a 10% rebate for commercial properties. However, in a complete U-turn, the federal government has increased the tax credit back to 30% and extended it for 10 more years until 2032.
Stamford has been seeing a consistent rise in solar power users. With the solar tax credit extension, Stamford solar users are all set to increase at an even faster pace.
New Additions to the Solar Tax Credit Policy
The most important new feature of the solar tax credit that Stamford homeowners should be aware of is its impact on battery equipment. The new policy includes systems that include standalone energy storage as larger batteries can help even homes with higher energy needs to keep their electric costs low.
The policy has become more comprehensive by adding incentives for US-sourced solar panels, some labor requirements, and more. The incentives will be paid back directly to the system owner under the new changes in the solar tax credit in Stamford.
More Savings for Solar Users
With the solar tax credit, Stamford homeowners find their solar investments becoming even more attractive. The announcement comes at a time when energy costs have been going through the roof. So, solar users can now get more for sending the same amount of electricity to the grid.
It is also important to note that homeowners still mulling over investing in solar should arrive at a decision quickly. The new solar tax credit policy has generated a new wave of excitement among solar enthusiasts. It is bound to multiply the number of solar-enabled households in Stamford and might even increase the costs of solar panels. So, hurry!