Solar Photovoltaics

Residential Renewable Energy Tax Credit

Note: Section 13302 of The Inflation Reduction Act of 2022 (H.R. 5376) extended the expiration date and modified the phase down of this tax credit. It also made stand-alone energy storage systems eligible for the credit, and biomass heaters ineligible for the credit. Biomass heaters are now eligible for the residential energy efficiency tax credit. The summary below reflects the credit after the enactment of H.R. 5376.

A taxpayer may claim a credit for a system that serves a dwelling unit located in the United States that is owned and used as a residence by the taxpayer. Expenditures

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Energy-Efficient Mortgages

Homeowners can take advantage of energy efficient mortgages (EEM) to either finance energy efficiency improvements to existing homes, including renewable energy technologies, or to increase their home buying power with the purchase of a new energy efficient home. The U.S. federal government supports these loans by insuring them through Federal Housing Authority (FHA) or Veterans Affairs (VA) programs. This allows borrowers who might otherwise be denied loans to pursue energy efficiency, and it secures lenders against loan default.

FHA Energy Efficient Mortgages
The FHA allows lenders to add up to 100% of energy efficiency improvements to an existing mortgage loan

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Renewable Electricity Production Tax Credit (PTC)

Note: The Inflation Reduction Act of 2022 (H.R. 5376) made several significant changes to this tax credit, including extending the expiration date, providing for new bonus credits, and establishing new criteria to qualify for the full credit. It also phases out this tax credit under section 45 of the Internal Revenue Code at the end of 2024 and replaces it with a new technology-neutral tax credit under section 45Y of the Internal Revenue Code. The summary below describes the current section 45 tax credit as modified by the Inflation Reduction Act, and below that, the new 45Y tax

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Green Energy Production Facility Tax Credit

As of June 30, 2010, taxpayers may take a credit, apply for a refund of taxes paid, or apply for authority to make tax-exempt purchases of machinery and equipment used to produce electricity in a Certified Green Energy Production Facility.

Tennessee provides tax credits to industries in the green energy supply chain that invest more than $250 million into the state. The Department of Revenue, Department of Economic and Community Development as well as the Department of Environment and Conservation are authorized to certify “green energy supply chain manufacturers” as eligible for the Green Energy Tax Credit. The $1.5 million

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Multi-family shared solar program

In April 2020, the Virginia General Assembly enacted Chapters 1187 (SB 710), 1188 (HB 572), 1188 (HB 1184), 1239 (HB 1647) of the 2020 Virginia Acts of Assembly. The chapters authorize a multi-family shared solar program in the service territories of Dominion Energy Virginia and Old Dominion Power.

System size is limited to 3 MW, up to 5 MW cumulative for systems on contiguous locations owned by the same entity.

Subscriptions are administered by a Subscriber Organization. For facilities with a nameplate capacity greater than 500 kW, the Subscriber Organization must be

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Tennessee C-PACER Financing

Note:  In 2010, the Federal Housing Finance Agency (FHFA), which has authority over mortgage underwriters Fannie Mae and Freddie Mac, directed these enterprises against purchasing mortgages of homes with a PACE lien due to its senior status above a mortgage. Most residential PACE activity subsided following this directive; however, some residential PACE programs are now operating with loan loss reserve funds, appropriate disclosures, or other protections meant to address FHFA's concerns. Commercial PACE programs were not directly affected by FHFA’s actions, as Fannie Mae and Freddie Mac do not underwrite commercial mortgages. Visit PACENation for more information about PACE financing

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C-PACE: Garden State Commercial Property Assessed Clean Energy

Note: In 2010, the Federal Housing Finance Agency (FHFA), which has authority over mortgage underwriters Fannie Mae and Freddie Mac, directed these enterprises against purchasing mortgages of homes with a PACE lien due to its senior status above a mortgage. Most residential PACE activity subsided following this directive; however, some residential PACE programs are now operating with loan loss reserve funds, appropriate disclosures, or other protections meant to address FHFA's concerns. Commercial PACE programs were not directly affected by FHFA’s actions, as Fannie Mae and Freddie Mac do not underwrite commercial mortgages. Visit PACENation for more information about PACE financing

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Solar Grant Program: Public Buildings

H.F. 2310, enacted in May 2023 (see section 216C.377), created the Solar Grant Program: Public Buildings program under the Minnesota Department of Commerce.

The Program allows local government units to apply for grants for up to 100% of the cost of procuring and installing a solar energy generation system on or adjacent to the school premises. The law directed a $14,310,000 budget allocation to support the program.

The Department of Commerce is directed to request applications from interested local government units and assess the applications and ensure that all costs are necessary and reasonable. The amount of the grant amount

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Solar for Schools Program

H.F. 2310, enacted in May 2023 (see section 216C.375), created the Solar for Schools grant program under the Minnesota Department of Commerce.

The Program allows schools and parties on the behalf of schools to apply for grants for up to 100% of the cost of procuring and installing a solar energy generation system on or adjacent to the school premises. The law directed a $14,310,000 budget allocation to support the program. 

The Department of Commerce is directed to request applications from interested schools, utilities, and developers and assess the applications and ensure that all costs are necessary and reasonable

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