COVID-19 Stimulus Bill Extends Solar Tax Credit
COVID-19 Stimulus Bill extends solar incentives
On Sunday, December 27 2020, President Trump signed the second COVID-19 Stimulus bill into law. The bill passed overwhelmingly in both the house, with a vote of 359 to 53 and in the Senate with a vote of 92 to 6. The COVIC relief bill is part of a larger legislative package that held government funding provisions and more. In section 48 of the COVID-19 Stimulus Bill, there are exciting provisions that extend the solar tax credit. These incentives should inspire more homeowners to convert their homes to solar energy power.
According to the National Law Review, the Investment Tax Credit, or ITC is extended by two years. A solar project that begins construction in 2020, 2021 or 2022 is eligible for a tax credit up to 26 percent. Solar projects that begin construction in 2023 are eligible for a 22 percent tax credit. After 2023, it drops considerably. Solar projects that begin construction after 2023 are eligible for a 10 percent tax credit.
That’s great news for those who missed the 2020 deadline. Since there are permits to obtain, and grid arrangements to firm up, there is a window of time between contracting to convert, and actual installation that gets your solar powered home running on sunshine. Still, according to Renewable-Solar.com, located in Plymouth Minnesota, it is a good idea to follow certain steps that smooth the process of conversion to a solar powered home.
Education
The U.S. Department of Energy and Clean Energy Resource Teams are both good places to find information on solar energy. Visit http://www.renewable-solar.com/ and check out the blog page for information on roof and land solar panel installations. You may be surprised to learn that you don’t always need a south facing roof to get adequate sunlight that can power your home. Renewable Solar measures carefully, taking into account trees, tall structures and other obstructions that can block your access to sufficient solar rays. They will then prepare a report that informs you of your best options and how reliable those options will be.
Planning
Once you know if your location is suitable for solar, you know whether to progress to the next step. If your home receives sufficient Photovoltaic rays, you can make a plan for your system. When you receive your solar conversion quote, you will receive additional information. Making your home energy efficient is part of the plan. Locating the panels in the optimum area on your lot is another part of the plan. The idea is to fully optimize the solar energy electric system you will have.
Determine how to pay for the conversion.
Minnesota keeps a Database of State Incentives for Renewables & Efficiency. This database provides a comprehensive list of financial incentives for solar power generating systems. It includes programs such as Xcel Energy’s Solar Rewards Program but it may not yet have the new information on the extended federal tax credit incentives listed above. Before any of these incentives benefit you later, you will need to figure out how to pay for the system up front. Talk to your solar professional. Because Renewable Solar Resources regularly receive updates on sources of funding for renewable energy conversions.
Get Bids
The solar installation industry is full of professionals who do great work and believe in what we do. In or near Plymouth, Minnesota, we hope you will reach out to https://www.renewable-solar.com/contact for a skilled, professional dedicated to helping homeowners smoothly convert to clean renewable solar energy to power their daily lives. The quotes will show we prioritize educating you on how to run an efficient, green, comfortable home at reasonable rates.
Maintain your system
Solar panels don’t have moving parts, but there is minimal maintenance that you should do to keep your system performing well. Keep it clean and free of debris and you can enjoy clean energy for years to come.