August 29, 2022
On August 16th, 2022, President Joe Biden signed the Inflation Reduction Act into law. This major package covers a broad scope of initiatives that will expand clean energy deployment across the country.
The solar industry is celebrating because this includes large investments and expansions of solar incentives – things we thought would not come after Senator Manchin (D) initially pushed back against clean energy and tax reforms.
Domestic Solar Manufacturing Credits
The pandemic exposed the serious consequences of lacking a strong solar manufacturing sector in America. Biden’s IRA attempts to grow domestic manufacturing of solar components by offering a variety of tax credits.
These credits vary based on component types, which include PV modules and cells, battery modules and cells, inverters, and more. There are also credits offered for generating minerals that are critical to solar equipment production.
With a thriving solar manufacturing industry, citizens can count on a stable supply of American-made solar products. There will be fewer opportunities for supply chain bottlenecks, and the possibility of more competitive pricing thanks to the elimination of import tariffs and overseas shipping costs.
Solar ITC Extension
The Solar ITC has played a critical role in helping Americans afford installing solar. Now, the tax credit program has received a 10-year extension, at a rate of 30% for residential, utility, and commercial projects. There is also a 30% ITC put in place for standalone solar storage, helping customers maximize the effectiveness of their solar systems.
Solar Customers Will be Spurred by Greater Incentives
Thanks to an extended ITC and future solar market improvements, America’s citizens will be able to confidently pursue solar as a financially feasible energy solution. Though a downswing was feared in anticipation of ITC phase-outs, installers can now rest assured that the current administration is supporting the growth of the solar industry.
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Installers who want to enjoy a boost from the new legislation will do best by optimizing their supply of serious leads. Grid Freedom is ready to make it happen. Find Quality Solar Panel Leads for Sale – Sign Up Today