ITC Extension
Announcements
January 8, 2021
After what has been a challenging start to the new year, we wanted to highlight a recent piece of good news for the solar industry in case it got lost in the shuffle. On the evening of December 27th the president signed into a law a spending package that included a two year extension of the solar Investment Tax Credit (ITC) at its current 26% rate. Previously, the credit was planned to drop to 22% in 2021, then terminate for residential projects and drop to 10% for large-scale projects by 2022. With the extension, the ITC will remain at 26% until the end of 2022, drop to 22% in 2023, and terminate for residential projects and drop to 10% for large-scale projects by 2024. The Montana Renewable Energy Association put together this infographic to help break it down.
![ITC step down schedule](/content/announcements/ic_1610141063_460x345_true.jpg)
This is is excellent news and something that all of us in the solar industry have been advocating for over the past few years. The ITC has played a critical role in the rapid growth of the solar industry since it was first introduced in 2006. According to SEIA, the ITC has helped the solar industry grow by 52% annually since it was enacted. Read more about it here, and feel free to get in touch with any questions!
![ITC step down schedule](/content/announcements/ic_1610141063_460x345_true.jpg)
ITC step down schedule