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 investment tax credit is extended and lifted to 30% for projects that have started or start construction before the end of 2024 and the credit becomes available to stand-alone storage. Solar also becomes eligible for the production tax credit which is currently at $0.026/kWh for 2022 and rises with inflation. After 2024, the credit transitions to a “tech neutral” structure.

The Inflation Reduction Act is expected to cut greenhouse gas emissions about 40% below 2005 levels by 2030, according to The New York Times.

“This 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,” said Abigail Ross Hopper, president and CEO of SEIA. “The 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’s clean energy economy with historic deployment, domestic manufacturing, investments in low-income communities, energy storage, smoother interconnection and so much more.”

You can read the SEIA’s guide to the solar and energy storage provisions here.

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“When we ran the numbers for overall project returns, we were sold and wanted to go all in. Not only is it a responsible decision from an environmental standpoint, it also makes tremendous financial sense and adds millions of dollars to the overall value of our portfolio,” said Tim Gillean, President at Granite Redevelopment Properties, LP.

Mystar Solar designed and installed the 15-megawatt, 40,000-panel system to maximize sun exposure, allowing the apartment communities to meet their energy needs as well as protecting costs associated with California’ rapidly-rising utility rates. Expected project completion is July 2022.

Roof panels and solar carports to be installed at 16 apartment communities in San Diego and Tarrant counties, comprising 3,600 apartment units.

“Granite is setting a trend for owners of Class B and C apartments – and potentially the entire multifamily industry. By removing one of the biggest expenses for many landlords with rooftop solar panels and solar carports, the math is hard to argue with,” said Travis Wildeman, CEO of Mystar Solar.

By partnering with Mystar Solar, Granite is able to take full advantage of federal tax credits and additional incentives available to them. The exact terms of the deal are undisclosed.

About Mystar Solar

Mystar Solar designs and installs commercial solar panel systems for multifamily properties, car dealerships and warehouses. The San Diego-based company provides a complete energy solution that works quickly and efficiently to energize savings while enhancing potential revenue generation and property appreciation. For more information, visit thesolarcompany.com.

About Granite Redevelopment Properties, LP

Granite not only owns a large apartment portfolio, it also specializes in managing, renovating and maximizing the operating potential of multifamily projects throughout the San Diego-Fort Worth market and abroad. The company has been involved in and financed US-based land purchases, condominium developments, multifamily redevelopments, and retail developments, as well as Mexico-based hotel and resort developments and land acquisitions.

The post Granite Redevelopment Properties Partners with Mystar Solar to Bring the Nation’s Largest Multifamily Solar Panel Installation Project to North California appeared first on Mystar Solar.