UPDATE: GREAT NEWS!! AS OF 12/18/15 10:45AM, THE SOLAR INVESTMENT TAX CREDIT HAS BEEN EXTENDED!
The good news is:The Federal Tax Credit is slated to be Extended!
One of the main credits that makes solar more affordable to purchase is the Solar Investment Tax Credit. It is worth 30% of the job to the customer. The current law is currently slated to expire at the end of next year. The solar industry has been lobbying to have the credit extended, and it seems that their efforts have paid off.
The House included a historic extension of the solar investment tax credit as part of the omnibus. The tax credit will remain at its full value of 30% extended until 2019, then 26% in 2020 and 22% in 2021 for both residential and commercial credits. The bill will hopefully be passing through congress today.
This extension will create over 100,000 new jobs in America. Go Solar!
The bad news is: The NY-Sun Incentive is Almost Depleted
The PSEG/NY-Sun-based solar energy incentive fund is close to depletion. We are on the last of 4 incentive levels of money, with less than a quarter left. We expect it to be completely drained by early 2016. The incentive has been decreasing by steps for the last few years, and is now a much smaller percentage of the cost of a solar purchase. But, it is money back in your pocket either way. As the saying goes, ‘Get it while it’s hot!’