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BENEFITS OF GOING SOLAR
Solar Investment Tax Credit (ITC)
- Solar must be “in service” to receive tax credit - Increased benefit of Tax Credit from 26% to 30% - The 30% rate can be backdated to the beginning of 2022 - The 30% ITC will be available at the rates of - 30% until the end of 2032 - 22% until the end of 2034 - 10% bonus for low income and tribal communities
Batteries
Starting 2023 batteries will be eligible to receive a tax credit even when they are installed after the solar has been installed. While many have done this in previous years, due to the vague and limited explanation of batteries and their eligibility for the ITC, it has now been officially written in.
Home Improvement Credit (Must have Energy Star Rating)
- $600 for an MPU - $500 for new doors - $600 for new windows and skylights - $2,000 per year for - Electric or natural gas heat pumps - Electric of natural gas water heaters - Biomass stoves or broilers - $150 towards a Home Energy Audit - Removes eligibility on roofs
Rebate for Home Improvement
- Homeowners are eligible for both the ITC and Rebates - Maximum rebate of $14,000 per home. - Rebates are at point of sale - Owners must range within 150% or less of “area’s median income” to participate - 80% and below are eligible for full cost rebate up to $14,000 - 80% to 150% are eligible for 50% of cost up to $14,000 - Although the rebates are available on paper, the “Area incomes” are not yet established. It is said, the “Fannie Mae” site is the official site for this but we haven’t seen the official statement. - $4,000 electric load service upgrade - $2,500 electric wiring - $8,000 heat pumps - $1,750 heat pump water heaters - $840 for electric stoves - $1,600 insulation, air sealing, and ventilation
High Efficiency Rebate
- $8,000 of total eligible rebates for cutting electrical consumption - Homeowners are not eligible for both the Home - Improvement Rebate and the High Efficiency Rebate, but they can (for now) combine one or the other with the ITC. -------Standard Income------ - $2,000 for cutting 20% of electrical consumption - $4,000 for cutting 35% of electrical consumption -------Below 80% of Area’s Median Income------ - $4,000 for cutting 20% of electrical consumption - $8,000 for cutting 35% of electrical consumption
Other Notable Benefits
- Manufacturers received tax credits to improve, grow, or build more panels, inverters, etc. - Legislation allows for “direct payments” to be made in lieu of a reduction in tax liability and/or an option to monetize the credits by transferring them to an entity with greater tax liability. - $760 million to improve permitting processes - $9.7 billion to rural Cooperatives to support solar - Billions to assist farmers and agriculture - Major investments to supporting Nuclear power - $2500 stimulus check is a compliment of Orion Smart Power and gets paid out after the installation of the solar panel system .