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US to extend Investment Tax Credit for solar to 2024

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The solar Investment Tax Credit will remain at 26% for projects that begin construction in 2021 and 2022, but will fall to 22% in 2023, and down to 10% in 2024 for commercial projects.

The U.S. Congress is close to enacting legislation that will provide a two-year extension of the solar Investment Tax Credit and additional funding for research and development.

The funds will also include money to cover soft costs critical to distributed energy deployment, as well as support for access to federal lands for renewable energy projects. The full legislative package combines a $900 billion Covid-19 relief package and an omnibus spending bill for 2021.

Under the proposed legislation, the solar ITC will remain at 26% for projects that begin construction in 2021 and 2022. It will fall to 22% in 2023, and then slide to 10% in 2024 for commercial projects.

IMAGE SOURCE: GOOGLE

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