Will Federal Solar Tax Credits Be Extended?

Will Federal Solar Tax Credits Be Extended?

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With the demand for solar panels continuing to rise, there’s been a big question on the industry’s mind: is the American government going to prolong the existing solar tax credits?

The answer to this question will have a tremendous effect on whether or not most homeowners will be able to afford going solar, and thus, how much business solar contractors can expect to get from the residential sector.

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Fortunately, the inside scoop from Capitol Hill suggests that we can expect an extension.

Congress Predicted to Approve Solar Tax Credit Extension While he expressed reservations about getting a “comprehensive� climate bill passed in the current congress, New York Democratic representative Paul Tonko has confidence that a series of clean energy tax credits will be approved.

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This summer, new legislation was proposed that would extend the solar Investment Tax Credit (ITC) for another five years. The extension would maintain the current 30% rate. A similar proposal has also been put up in the Senate.

It’s expected that the legislation will be approved, and that Republicans will vote in favor of it too. There’s a strong demand from the American people to introduce and expand more policies like this, so representatives will be motivated to please their constituents.

Additionally, even fairly firm conservatives, like Mitt Romney, find value in solar tax credits. He has expressed a belief that such credits can stimulate the adoption of new technology, which is good not just for combating the problem of carbon emissions, but also creating a stronger economy.

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The Solar Energy Industries Association (SEIA) recently released a report that projects an ITC extension would result in an investment of $87 billion in the private sector. It would also breed more than 113,000 jobs and offset 363 million metric tons of CO2 emissions over the course of the next decade.

With such benefits at stake, continuing the ITC is an initiative that both parties are likely to support. But what if, on the off chance, the bills don’t get approved? The ITC will then continue with its gradual diminishment until 2022, when the residential credit will be eliminated entirely.

This will make it much harder for all but the wealthiest homeowners to buy solar panels.

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Keep Your Lead Numbers High, No Matter the Political Climate Even if the federal government doesn’t keep the ITC going, contractors can still keep their lead numbers up with a strong partner by their side.

Grid Freedom has long been the trusted source for contractors who need to keep their inflow of leads high.

Our team specializes in not only attracting solar leads, but also in vetting them for sales potential and quality. Contractors who join our free membership program will get access to lucrative leads that offer the best possible ROI. Get Money-Making Solar Energy Leads at Gridfreedom.com

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