Solar photovoltaic bracket subsidies

What is the federal tax credit for solar photovoltaics?

Check out the Homeowner’s Guide to the Federal Tax Credit for Solar Photovoltaics for more information on the ITC including eligibility requirements and how to claim it on your taxes. President Biden signed the Inflation Reduction Act into law, expanding the Federal Tax Credit for Solar Photovoltaics, also known as the Investment Tax Credit (ITC).

Will the ITC cut the cost of rooftop solar?

The ITC will cut the cost of installing rooftop solar for a home by 30%, or more than $7,500 for an average system. By helping Americans get solar on their roofs, these tax credits will help millions more families unlock an additional average savings of $9,000 on their electricity bills over the life of the system.

Are solar water heaters included in a credit?

Solar panels, solar water heaters and energy storage devices are all included in the credit. Solar water heaters feature a solar collector and storage tank, harnessing the sun’s thermal energy to heat the water.

What percentage of grant recipients plan to fund residential rooftop solar?

90% of grant recipients plan to fund residential rooftop solar. 88% of grant recipients plan to fund the deployment of residential-serving community and shared solar through diverse ownership models that enable households in disadvantaged communities to access the additional economic benefits of asset ownership.