An exciting day in the world of renewable energy. Congressman Mikie Sherill and Bill Pascrell have proposed the Revamping Appropriate Incentives for Solar Energy for (RAISE) the Roof Act. This bill is designed to clarify and expand the solar investment tax credit (ITC) to include full roof installations using integrated solar systems. Georgia’s Jon Ossoff introduced similar legislation in the Senate. Such legislation could spark an increase in residential and commercial consumers shifting to renewable resources.
Currently, the ITC is 26 percent for solar systems on residential and commercial properties. This tax credit will remain in place until December 31, 2022, dropping to 22 percent in 2023 and then 10 percent for commercial and 0 percent for residential projects in 2024.
While the proposed legislation may not directly impact utility scale and community solar developers, it does seem to signify momentum for renewable energy and may possibly encourage more demand for “in front of” and “behind the” meter projects to help create more cost-saving benefits for energy consumers.
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To learn how our renewable energy professionals can collaborate with you on strategies to help you successfully navigate the evolving challenges and opportunities of the industry, reach out to us at firstname.lastname@example.org.