Federal Solar Grant For Commercial Projects Extended One Year
Dec 23, 2010
by EmPower Solar
Great news. Last week the federal government extended the Treasury Grant program in lieu of tax credits for commercial solar installations for one more year. It was signed into law last Friday as part of the bipartisan Tax Cut Bill.
The federal 30% tax credit for commercial solar projects has been in place for several years now, however it is only relevant if there are profits to apply the credits to. The government converted the credit into a grant as part of the 2009 American Recovery and Reinvestment Act so that companies could access the funding even during the economic downturn when profits were lower.
The grant program provided a critical boost to the solar industry over the past two years. Getting the program extended until December 2011 is an important victory for the solar industry and the economy at large.