Tuesday, January 19, 2021

Renewable Investment Tax Credit (ITC) is Extended Two Years


Good news, as of January 2021 the ITC has been extended at 26% for 2021 and 2022. See Solar Energy Industry Association (SEIA) discussion on the investment tax credit (ITC) here: Solar ITC Rate Per Year

This means that the calculator we developed for residential and for business solar investments will still be accurate for the next two years. (See our Solar Profit Calculator page.)

Woo Hoo! Happy Days!:-)

During that time Biden administration should start to remove the fossil fuel subsidies, meaning that renewables should continue to take share from coal, oil and gas. There's two other things that Biden will likely do: extend renewable incentives; and, institute a cost structure for carbon. Only the renewed incentives was likely before the US Senate went 50+1 for the Democrats. Something like a gas tax increase or a cap-and-trade program was highly unlikely just a month ago.