Solar energy is a powerful tool for sustainable development. A clean, versatile, and increasingly affordable source of energy, solar can power diverse community needs, all while protecting the planet. But how exactly do we turn the sun’s rays into meaningful global progress.

• The ITC increased in amount and its timeline has been extended. Those who install a PV system between 2022 and 2032 will receive a 30% tax credit. That will decrease to 26% for systems installed in 2033 and to 22% for systems installed in 2034. If you’ve already installed a system in 2022, your tax credit has increased from 22% to 30% if you haven’t already claimed it.
   
• The solar+storage equipment expenses included in the ITC have expanded. Now, energy storage devices that have a capacity rating of 3 kilowatt hours or greater are included. This includes stand-alone storage, but here’s why you should pair it with solar.

The ITC will cut the cost of installing rooftop solar for a home by 30%, or more than $7,500 for an average system. By helping Americans get solar on their roofs, these tax credits will help millions more families unlock an additional average savings of $9,000 on their electricity bills over the life of the system.

Check out the Homeowner’s Guide to the Federal Tax Credit for Solar Photovoltaics for more information on the ITC including eligibility requirements and how to claim it on your taxes.