{"id":677,"date":"2022-08-17T11:31:48","date_gmt":"2022-08-17T16:31:48","guid":{"rendered":"https:\/\/www.thesolarcompany.com\/?p=677"},"modified":"2022-08-17T11:31:01","modified_gmt":"2022-08-17T16:31:01","slug":"irc-will-extend-and-increase-the-investment-tax-credit-itc-to-30","status":"publish","type":"post","link":"https:\/\/www.thesolarcompany.com\/blog\/irc-will-extend-and-increase-the-investment-tax-credit-itc-to-30\/","title":{"rendered":"President signs the Inflation Reduction Act with major solar incentives"},"content":{"rendered":"<p><span dir=\"ltr\" role=\"presentation\">President Biden has signed the Inflation Reduction Act<\/span><span dir=\"ltr\" role=\"presentation\">. the new legislation, known as<\/span><span dir=\"ltr\" role=\"presentation\"> the IRC, will extend and increase the Investment Tax Credit (ITC) to 30%.<br \/>\n<\/span><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">T<\/span>he Inflation Reduction Act includes long-term solar and storage tax incentives and other critical provisions that will boost production and investment in residential and <a href=\"https:\/\/www.thesolarcompany.com\/commercial-solar-projects\/process\/\">commercial solar construction<\/a>.<\/p>\n<p><span dir=\"ltr\" role=\"presentation\">The business investment tax credit is extended and lifted to 30% for projects that have started or <\/span><span dir=\"ltr\" role=\"presentation\">start construction before the end of 2024 and the credit becomes available to <a href=\"https:\/\/www.thesolarcompany.com\/commercial-solar-panel-installation\/solar-panels-warehouse\/\">stand-alone storage<\/a>. <\/span><span dir=\"ltr\" role=\"presentation\">Solar also becomes eligible for the production tax credit which is currently at $0.026\/kWh for 2022 <\/span><span dir=\"ltr\" role=\"presentation\">and rises with inflation. After 2024, the credit transitions to a \u201ctech neutral\u201d structure.<br \/>\n<\/span><\/p>\n<p>The Inflation Reduction Act is expected to cut greenhouse gas emissions\u00a0<a class=\"css-yywogo\" title=\"\" href=\"https:\/\/www.nytimes.com\/interactive\/2022\/08\/02\/climate\/manchin-deal-emissions-cuts.html\">about 40%<\/a> below 2005 levels by 2030, according to <em>The New York Times<\/em>.<\/p>\n<p>\u201cThis legislation is the most transformational investment America has ever made in our climate future, and we are thankful to our members, the clean energy community and every one of our solar champions in Congress for their work to get us to this historic moment,\u201d said Abigail Ross Hopper, president and CEO of SEIA. \u201cThe solar industry has set a goal to account for 30% of all U.S. electricity generation by 2030, and this legislation will be a catalyst for reaching that target. Now the work can begin to build out America\u2019s clean energy economy with historic deployment, domestic manufacturing, investments in low-income communities, energy storage, smoother interconnection and so much more.\u201d<\/p>\n<p>You can read the <a href=\"https:\/\/www.seia.org\/sites\/default\/files\/2022-08\/Inflation%20Reduction%20Act%20Summary%20PDF_0.pdf\">SEIA\u2019s guide to the solar and energy storage provisions here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Biden has signed the Inflation Reduction Act. the new legislation, known as the IRC, will extend and increase the Investment Tax Credit (ITC) to 30%. The Inflation Reduction Act includes long-term solar and storage tax incentives and other critical provisions that will boost production and investment in residential and commercial solar construction. The business [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/www.thesolarcompany.com\/blog\/irc-will-extend-and-increase-the-investment-tax-credit-itc-to-30\/\">Read More&#8230;<span class=\"screen-reader-text\"> from President signs the Inflation Reduction Act with major solar incentives<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[15],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRC will increase the Investment Tax Credit (ITC) to 30% %<\/title>\n<meta name=\"description\" content=\"The recently passed Inflation Reduction Act will increase the Investment Tax Credit (ITC) to 30% if it passes the house and president signs\" \/>\n<meta name=\"robots\" content=\"index, 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