I Can Hardly Believe It.
This is a Big Deal.
I mean, a really BIG DEAL.
Congress extended the federal Investment Tax Credit (“ITC”) for renewables for the next 5-7 YEARS. This is the Big-Daddy Incentive that, along with Net Metering, helps to make solar worthwhile for as many people as possible. The ITC, if you’re not up on this stuff, gives you a credit (Yes, it comes off AFTER AGI) on your income taxes equal to 30% of the total cost of that solar energy system that you just put in. Yeah, that’s thousands of dollars! This credit was set to expire in one year’s time, at the end of 2016, & would have cost the solar industry tens of thousands of jobs and set back solar adoption by many years, had it expired.
But in a nearly unbelievable move, Congress extended this tax credit by not one, but FIVE years plus a couple of years’ cooling-off after that. AND, the least believable of all, they did it a full YEAR ahead of the deadline! When does that bunch ever act with that much proactivity? Do we have our new leadership in the House to thank for this?
I don’t know, but I’m still stunned ….