Tax Reform Leaves the Solar Tax Credit Untouched
Neither the Senate nor the House of Representatives in their version of the tax reform plans, changed the current 30% tax credit given to homeowners who purchase solar panels. Their non-action served to save this benefit for homeowners purchasing solar power. The Solar Investment Tax Credit (ITC) will remain at 30% for 2018 and 2019 and as planned, start reducing in 2020, ultimately disappearing by 2022.
“Many people considering purchasing a solar panel system for their home worried about how the recently-signed tax reform bill would impact the ITC. We’re happy to announce that the Federal Tax Credit for Solar will still be helping people for at least 4 more years,” says Jake DiRe, VP of EcoMark Solar, a Denver-based solar panel installer. “We are grateful for the work of the Solar Energy Industry Association (SEIA) for the time they spent with the legislators which ultimately preserved this important benefit for homeowners who want to live more sustainably and affordably.”
The future is bright for solar. DiRe agrees with the business leaders who recently attended the Clean Energy Means Business Summit event held in Colorado who stated, “The customers are demanding more solar energy and corporations are responding. With prices down, expansion is now powered by market forces.”
Some of those responding corporations are the Front Range utilities, several of which have chosen to renew their rebate programs for 2018. As usual, the rebates are first come – first served. This is an especially good time for those that want to go solar here in Colorado. However, there is no guarantee that the utility rebates will last the whole year with the current upswing in demand for solar, so the faster our Colorado neighbors initiate getting panels on their homes, the more chance they’ll receive this additional financial help to do so.
DiRe concludes, “When such a set of favorable circumstances come together, it is time to act. I think it will be nice to have the Solar Tax Credit working for solar customers. Even more than ever, it is time to go solar!”
EcoMark Solar is an award-winning, Colorado-based solar panel installer that has served the front range since 2010. EcoMark Solar’s mission is to help Coloradans achieve energy independence, financial independence and a more sustainable lifestyle through solar power.
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