At the end of December 2016, the 2005 Energy Policy Act's 30 percent Investment Tax Credit (ITC) for commercial solar energy systems will drop to 10 percent, said Scientific American. The residential credit will disappear. Why should you care?
The 2005 Energy Policy Act addresses energy production including:
- Climate change technology
- Energy efficiency
- Nuclear security
- Oil and gas
- Renewable energy
- Vehicles and motor fuel
A new solar project was installed in the U.S. every three minutes during 2014. This increase in demand has lead to the creation of almost 159,000 jobs since 2005.
If the tax credit amount drops so significantly and the residential break becomes non-existent, these numbers may not continue to grow. A decrease in these implementations could cause job cuts and an output of non-efficient energy.
Propositions to the new budget include suggested reforms for these problems to ensure wind, solar and carbon energy efficient changes are still made.
Both Google and Apple have announced plans to jump on the energy efficient wagon by either investing in solar power or buying directly from its sources before the 2017 changes begin.
According to the Solar Energy Industry Association (SEIA), 2014 was the first time in history that the three major U.S. market areas – commercial, residential and utility – installed more than a gigawatt of solar photovoltaic (PV). It generated a total of $13.4 billion in the U.S. in 2014.
Schedule an energy audit with an Alban inspector today by visiting our website or calling 301-662-6565. This inspection will be a thorough look at how your home creates and loses energy through a series of tests and screenings. This type of examination could save you money in the future while also reducing your carbon footprint.