Inflation Reduction Act to Extend Solar Tax Credit for 10 Years
The Inflation Reduction Act benefits commercial solar energy projects in Florida by extending the investment tax credit (ITC) up to 50% for the next ten years.
The government recently passed the Inflation Reduction Act (IRA) to support reducing the effects of inflation and greenhouse gas emissions. This provides a historic opportunity for commercial property owners and non-profits wanting to invest in solar as it extends the solar investment tax credit (ITC) up to 50% for the next ten years. The nation is moving toward clean energy, and investing in solar is the best way to reach that goal. With the tax credit and accelerated depreciation, owners can see the most substantial investment returns for their solar carports and rooftop systems, with an average five-year ROI on most projects.
Top Five Benefits for Solar Installations Under the IRA:
- Non-Profits and Schools Can Receive the ITC as a Direct Payment
- Baseline ITC Extension of 30% for Ten Years
- Additional 10% Tax Credit for the use of Domestic Made Products
- Additional 10% Tax Credit for Energy Communities
- Battery Storage Can Now Receive the Full ITC
As you may recall, the solar ITC was at 26% and set to step down each year through 2024, when it would settle permanently at 10%. Now, businesses and non-profits can enjoy up to a 50% tax credit for installing solar equipment without phasedown until 2032. The ITC decreases to 26% in 2033 and 22% in 2034. In addition to tackling climate change, saving organizations money, and creating millions of jobs, the Inflation Reduction Act can make your solar dreams a reality.
Get the Most Tax Credit for Your Solar Projects
Advanced Green Technologies is Florida’s top-ranked commercial solar energy contractor by Solar Power World Magazine and provides solar roofs, carports, ground mount systems, and battery storage solutions that can qualify for the maximum ITC.
Take advantage of this historic tax credit for your commercial property in Florida by contacting us today for a free solar project estimate and site analysis. Call (888) 735-2641 or click here.