By now we're all a little tired of hearing the words, pandemic, quarantine, and coronavirus...
To say that 2020 has been a tough year would be an understatement, but behind the headlines, and noise something is happening that many are unaware of;
The Solar Investment Tax Credit (ITC) is dropping another 4% in this coming year and as of right now, there is nothing in place to extend the credit. The tax credit does more than help solar companies like Lumina, the tax credit was specifically designed to help those who potentially would struggle to afford to pay for a solar panel system out of pocket.
Since the ITC was first introduced in 2006, the solar industry has grown by more than 10,000%. With this growth also has come hundreds of thousands of jobs.
The real issue is that as the law sits right now at the end of 2021 the Solar ITC disappears for homeowners forever.
The ITC credit allows homeowners to write off a percentage of their solar system cost and installation, right now that credit drops from 26% in 2020 to 22% in 2021. In 2022, that number drops to 0.
That means that homeowners will lose thousands of dollars in tax savings, solar installation companies won't be able to offer the same incentives, and program costs could escalate. This would devastate an industry that has drastically reduced greenhouse gas emissions, educated consumers about their carbon footprint, and helped to create a culture of environmental consciousness and renewable energy.
At Lumina we strife to provide the best overall experience, best products, newest technology, and outstanding customer service. We also live and breathe solar because we know that the potential is still truly untapped. Now that the election has concluded and we are preparing to move into a new year full of hope, it is imperative that we let our elected officials know that solar needs to stay.
The following links go to petitions to extend the credit. This will allow solar to continue to flourish and homeowners to take advantage of tax savings in order to better our world. Sign one, sign them all!
These are Maryland's Representatives, send them an email to vote to extend the residential Solar ITC.
Senator Ben Cardin
Senator Chris Van Hollen Jr.
Congressman Andy Harris
Congressman Dutch Ruppersberger
Congressman John Sarbanes
Congressman Anthony Brown
Congressman Steny Hoyer
Congressman David Trone
Congressman Kweisi Mfume
Congressman Jamie Raskin