The Biden Administration Has Locked In a 30% Federal Tax Credit for New Solar Owners
OREM, UTAH, August 18, 2022 — After passing in the House of Representatives by 13 votes and in the Senate by only 1 vote, the Inflation Reduction Act has been signed into law by President Biden. The Act includes historic climate investment, with the goal of reducing carbon emissions by roughly 40% by 2030.
As part of this historic climate investment, which includes several home energy efficiency initiatives, the federal solar investment tax credit has been increased from 26% to 30%. It will be standardized until 2033, when it is scheduled to reduce to 26% and again to 22% in 2034. Additionally, the credit applies to battery and home storage solutions as well. The credit applies to all purchases from the start of 2022.
“This is an incredible step forward in the clean energy movement,” says Ben Peterson, CEO of Blue Raven Solar, “We are excited to see how the solar industry is affected by such a positive change!”
Blue Raven Solar has advocated for homeowners’ abilities to save money with solar energy in several ways, including assisting in HOA lawsuits and meeting with lawmakers to discuss the impact that investing in clean energy can have. The company is made up of over 3,000 employees who help homeowners take advantage of incentives like the federal solar investment tax credit (ITC).
The Inflation Reduction Act is not only investing in climate action, but in job creation, health care, and underprivileged communities. More information on the IRA can be found here.
About Blue Raven Solar
Blue Raven Solar was founded in 2014 and has expanded to a national top selling solar brand. The company’s mission is “to make homeowners’ lives better by reducing their energy bills, increasing reliance on clean and abundant renewable energy and providing a world-class customer experience through a reliable sales process and a speedy, high-quality installation.” Blue Raven Solar believes all homeowners should have equal opportunities to invest in simple, reliable, affordable, high-quality solar power.
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