Friday, February 09, 2024 2:29:50 PM
Is there a tax credit for buying American-made solar panels?
For starters, there's a tax credit for buying any solar panels, totaling 30% of the system's cost. That incentive, called the residential clean energy credit, was extended and expanded under the Inflation Reduction Act. It will be phased out in 2035 unless Congress extends it again.
But if your solar panels are manufactured in the US, the government will provide an additional 10% tax credit. Guidance released by the Treasury Department said products will be eligible for the bonus if all steel and iron manufacturing processes take place in the US and if a minimum percentage of the costs of manufactured products and components come from products and components mined, produced or manufactured in the US.
The requirement will "spark a flood of investment in American-made clean energy equipment and components," with more than $13 billion in new domestic manufacturing announced so far, Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association, said in a statement.
* Plus State incentives,Abatement Tax,FTZ etc.
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