The Energy Policy Act of 2005 created the Solar Investment Tax Credit (ITC). It set a solar tax credit of 30% of a solar system’s costs for homeowners and commercial business owners who install solar panels. The tax credit (not a write off, an actual credit to pay income taxes) stood at 30% until the end of 2019. However, in 2020 the benefit dropped to 26%.
The credit was scheduled to decrease again at the start of 2021 to 22%. However, the federal spending package and COVID-19 virus relief spending bill passed in the final days of 2020. As a result this act held the ITC at 26% for 2021. It was at 26% through the first half of 2022, and set to drop to 22% in 2023. In 2024 it was to go away completely for residential systems…
But in the summer of 2022 the Inflation Reduction Act reinstated the ITC at 30% for both residential and commercial solar. This is great news for homeowners and business owners. The ITC now stands at 30% for ten years.
The Federal Investment Tax Credit now provides the full 30% benefit. This solar incentive looks stable into the future; it will reduce your tax liability when you install renewable energy. However, other factors such as Net Energy Metering rates still make today the right time to get your solar system installed. Our team at HES Solar is ready and knowledgeable. We will guide you through the process. Your HES Solar system will produce renewable energy for you and also get you your maximum tax credit benefit
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HES Solar places safety as our highest priority, and that extends from our employees to our customers, to anyone else we may potentially be in contact with through the course of business. Along with the safety procedures we adhere to in the normal course of our work and projects, we have instituted several safety protocols for all of our employees during these times of vigilant public health precautions due to COVID-19.
Our employees are given temperature checks each time they enter the office, and office visits are only allowed when necessary.
We’ve instituted remote working for all of our employees who are able to perform their job duties at home. Meetings are done through virtual meeting rooms.
Field employees maintain a six-foot distance between themselves and fellow employees, customers, vendors, and all others unless unavoidable.
Masks are required whenever interacting with fellow employees, customers, or the public and whenever social distancing is not possible.
To ensure these procedures can be met, employees have been provided with face masks or face coverings, eye protection, gloves (as necessary), and foot coverings (as necessary).
To help ensure frequent sanitizing, employees have been provided sanitizers in the form of gel, liquid, and wipes, antibacterial soap, and paper products for cleaning such as tissues and paper towels.