FEDERAL TAX CREDIT UPDATE
Below are some of the solar benefits of the newly passed Inflation Reduction Act
Tax Credit
Maintains a 30% tax credit for homeowners who install solar until 2032.
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Note: If you installed solar this year, and were expecting a 26% credit, you will now be eligible for a 30% credit.
Nonprofits, Schools, & Municipalities
Allows nonprofits, schools, and municipalities to take a cash payment in lieu of the 30% tax credit. As entities that don’t pay taxes, these institutions were previously unable to benefit from the credits.
Battery Storage
Creates for the first time a 30% tax credit for the purchase of battery storage systems.
Solar Funding
Expands the Rural Energy for America Program (REAP) to provide grants and loans to farms and rural small businesses to help them go solar.
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Additionally, this provides funding to help electric cooperatives and tribal communities go solar.