Did you know that solar panels raise the property value by a whopping $14,329 on average? According to the Lawrence Berkeley National Laboratory, homes that are equipped with solar power systems sell for 3.74% more than their non-solar counterparts.
House Republicans recently introduced their latest 429-page tax reform bill, which proposes several changes related to renewable energy. The plan would increase taxes on wind, solar, biomass, geothermal, and hydropower in an effort to reap $12.3 billion in government revenue over the next 10 years.
Although the plan would cut the $7,500 federal tax credit for electric vehicle purchases, Republicans opted to extend tax credits for current residential energy efficiency programs to December 31, 2021.
This time next year, the last solar installations to receive the 30 percent investment tax credit will be going up.
The credit is scheduled to disappear entirely for rooftop solar and to shrink to 10 percent for utility-scale installations at the end of 2016. So, how will the tax credit’s disappearance really impact rooftop solar?