Green Energy Solutions For Your Residence
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The solar tax credit is a significant financial incentive for those looking to install solar energy systems and is an important part of the government’s efforts to promote renewable energy.
Solar panel systems that were installed in 2020 and 2021 are eligible for a 26% tax credit.
In August 2022, Congress passed an extension of the ITC, raising it to 30% for the installation of which was between 2022-2032.
It will decrease to 26% for systems installed in 2033 and to 22% for systems installed in 2034.
The tax credit expires starting in 2035 unless Congress renews it.
after December 31, 2021,
and before January 1, 2033
Transformation Act of 2019 is said to be the “strongest clean electricity standard in the nation.” While they are technically the fourth state in the U.S. to enact such a policy, their’s is considered the most aggressive in terms of goals. Specifically, they strive to “transition to 100% clean electricity over the next 25 years.”
Net metering is an arrangement that allows homeowners to receive credit for excess electricity they generate and send back to the grid. With net metering, when a solar energy system generates more electricity than is needed, the extra power is returned to the utility company’s grid. The homeowner or business owner receives a credit on their electricity bill for the excess power they generate, which can be used to offset the cost of electricity they use from the grid when their solar panels are not generating enough power.