Towards the end of 2020, we began encouraging those considering purchasing solar panels to do so before the end of year to take full advantage of the 26% federal investment tax credit (ITC). It was set to drop to 22% on Jan. 1, 2021.
However, we are thrilled to report that the U.S. Congress approved a two-year extension of the ITC as part of a pandemic relief package voted on in December. Under this legislation, the ITC will remain 26% through 2022, dropping to 22% in 2023 and then dropping further to only 10% in 2024.
This extension is great news for those still weighing their options when it comes to investing in residential solar panel systems. GVEC understands this is a major, long-term investment for homeowners, and we want you to know you can depend on us to provide accurate information without false promises or high-pressure sales tactics while looking into renewable energy.
Our primary goal is to act as a resource to educate our members and customers on energy efficiency, the positive impact solar energy can have on their electric bills and the overall benefits of renewable energy, not to merely make a sale. It’s part of who we are as a cooperative—putting people ahead of profit.
We aren’t in the business of upselling solar or any of the products and services we offer. Our non-commissioned solar solutions specialists are here to listen to your renewable energy needs and expectations to help custom design systems to fit the uses of each individual home and family.
This is why GVEC also offers programs like SunHub™ through which members can purchase part of their electricity from community solar for the same price they pay for traditionally sourced energy each month. It’s a viable option for those who want to support solar generation but may not be ready to make an upfront investment in a solar panel system for their home.
As the 26% ITC continues, we’re glad it will help make investing in solar even more affordable. But we’re also happy to continue adding value to your investment by always providing information you can trust and service with integrity.