One of the most common questions in the solar industry right now is, “what tax credits are still available?” Many people are under the impression that with the elimination of the residential solar tax credit, there are no other options, but that’s not true!
In states like Minnesota, Wisconsin, Illinois and Massachusetts, you could still qualify for a variety of solar tax credits, bringing your cost down significantly.
A major credit available to certain zip codes is the Energy Community tax credit. The Inflation Reduction Act (IRA) of 2022 has created tax credit opportunities for clean energy projects sited within an energy community in the U.S.
Energy Communities are defined in a few different ways listed below:
- a brownfield site, or
- a specific range of employment rate and local tax revenues*, or
- a community which is in proximity to a coal mine which has closed after Dec. 31, 1999, or in proximity to a coal-fired electric generating unit that was retired after Dec. 31, 2009.
Do you live in one of the highlighted areas in the below state maps? If so, you are eligible to receive an additional tax credit on your solar project!
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You can check your exact address here: https://www.bakertilly.com/energy-community-mapping-tool.
You can also pair your Energy Community tax credit with EnergyLock, our new way to still receive the savings available from commercial tax credits as a residential homeowner. Your solar system could be LESS than your current monthly utility bill with your stacked savings!
Reach out to us today and ask about the Energy Community tax credit!
*metropolitan statistical area or nonmetropolitan statistical area which has 0.17% or greater direct employment or at least 25% of local tax revenues related to the extraction, processing, transport or storage of coal, oil or natural gas, and has an unemployment rate greater than the national average unemployment rate for the previous year
