The Investment Tax Credit (ITC) is among the most important incentives currently available for Solar PV. By taking advantage of this federal solar incentive, you can reduce the cost to install a brand new solar energy system by 30 percent! The paperwork is easy and so is eligibility.
Qualifications for the ITC
- Have enough income for the tax credit to be relevant.
- Install solar on the property you own. For those who rent, you are ineligible.
- You must own the system. Leasing is not allowed.
ITC Set to Phaseout
While this incentive has been very important for the development of the modern solar economy, nothing lasts forever. Over time, the ITC will decrease how much you can earn back eventually eliminating the credit for residential applications and to 10% for commercial properties. Below is a timeline of those decreases: