Investment Tax Credit Extension!

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shortcircuit2

Senior Member
Location
South of Bawstin
News reports look sunny for the Solar industry. Publicly traded stocks soared yesterday with news that the ITC may extend up to 5 years. Here is one article I was reading...

In the absence of this legislation, the ITC would drop from its current 30 percent to 10 percent (for non-residential and third-party-owned residential systems) and to 0 percent (for host-owned residential systems) on January 1, 2017. Instead, if the omnibus spending bill is passed in its current form, the ITC would step down according to this schedule:

  • 2017-2019: 30 percent
  • 2020: 26 percent
  • 2021: 22 percent
  • 2022 and beyond: 10 percent (non-residential and third-party-owned residential) or 0 percent (host-owned residential)
The bill also includes a “commence-construction” provision, allowing projects to come on-line by the end of 2023 and still qualify for larger credits.

On a downside note...there is also consideration to allow exporting of oil after 40 years. We need to ween off our dependence on fossil fuels worldwide.
 

ggunn

PE (Electrical), NABCEP certified
Location
Austin, TX, USA
Occupation
Electrical Engineer - Photovoltaic Systems
News reports look sunny for the Solar industry. Publicly traded stocks soared yesterday with news that the ITC may extend up to 5 years. Here is one article I was reading...

In the absence of this legislation, the ITC would drop from its current 30 percent to 10 percent (for non-residential and third-party-owned residential systems) and to 0 percent (for host-owned residential systems) on January 1, 2017. Instead, if the omnibus spending bill is passed in its current form, the ITC would step down according to this schedule:

  • 2017-2019: 30 percent
  • 2020: 26 percent
  • 2021: 22 percent
  • 2022 and beyond: 10 percent (non-residential and third-party-owned residential) or 0 percent (host-owned residential)
The bill also includes a “commence-construction” provision, allowing projects to come on-line by the end of 2023 and still qualify for larger credits.

On a downside note...there is also consideration to allow exporting of oil after 40 years. We need to ween off our dependence on fossil fuels worldwide.
I am holding off my celebration until it is a done deal. I am cautiously optimistic, but I have been burned before.
 
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