Is a Solar ITC Extension on the Horizon?

Is A Solar ITC Extension On The Horizon?

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The solar investment tax credit (ITC) has been one of the most helpful resources for encouraging more residential solar installations.

It has been renewed multiple times so that homeowners across America can continue enjoying generous subsidies for their solar systems. Unfortunately, the last extension lapsed at the end of 2019, starting a phase-out process that is still currently underway.

This phase-out couldn’t have come at a worse time for contractors. Just as the coronavirus pandemic caused the market to contract, the diminishing ITC made it so that even fewer homeowners could accommodate solar in their budgets. The result has been far fewer solar installation leads.

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Green Energy Programs are Set to Expand Luckily, the changing political climate has brought hope for the ITC. New President-Elect Joe Biden has taken a strongly supportive stance on green energy programs, announcing the largest climate plan the nation has seen yet. And representatives from the renewables industry are already making plans for working with the new administration.

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In its recently-announced 100-day plan, the Solar Energy Industries Association (SEIA) states: “...phasedown of the ITC must be delayed and replaced with a long-term extension. In addition, SEIA will continue to advocate for a direct pay or cash grant option for the ITC given the current poor health of the tax equity market and the long-term ramifications of that on the pipeline of solar projects to come.

SEIA will continue to support legislation such as HR 3961/S 2289, the Renewable Energy Extension Act (Thompson/Cook, Cortez Masto) and HR 7491, the Energy Tax Credit Direct Payment Act (Casten).�

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The association president, Abigail Hopper, has disclosed that extending the solar ITC is at the top of the priority list. Though the Trump administration snuffed out the attempt at extending the program last year, Hopper reports that she is optimistic about its chances of future support, even in a red-majority Congress:

“In conversations we have that are not on the front page of a newspaper, there are many, many Republican senators who are supportive of solar…

There’s a pretty clear understanding that extending the Investment Tax Credit [and] making it refundable will help address the [industry’s] challenges.”

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There’s Hope for Solar Contractors It’s just a matter of time before solar installation leads are plentiful again. But until that happens, contractors can find the support they need through Grid Freedom.

As a dedicated solar marketing agency, we work to identify and deliver contractors only the most desirable leads available. Every lead generated is personally-screened by our staff and prescheduled for a consultation.

Find the Leads You www.Gridfreedom.com

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