30% Solar Investment Tax Credit remains until December 31, 2016?

Hello solar friends! This is Channel from PurePoint Energy. The 30% Solar Investment Tax Credit will expire December 31, 2015 for homeowners and will go from 30% to 10% for business owners. Why is this important you might ask? The Solar Investment Tax Credit has created many opportunities for the people of Connecticut to use their natural energy and save big bucks on becoming solar. On average, PurePoint's residential customers will save over $10,000 because of this tax credit. Since it has become so popular to go solar, this has given opportunities for many solar energy companies, like PurePoint Energy, to open the doors for people interested in becoming employed within the Solar Energy industry.

What is the Solar Investment Tax Credit?

The Solar Energy Industries Association states that the Investment Tax Credit or "ITC" is a 30% federal tax credit for solar systems on residential and commercial properties that, under current law, remains in effect through December 31, 2016. Companies use this tax credit for projects that they have installed, developed or financed. Residential tax credits are used towards residential sized projects and homeowners can apply this tax to their income taxes. The credit is used when homeowners purchase solar systems and have them installed on their homes.

How has this affected Connecticut residents and solar companies?

How has this effected Connecticut residents and solar companies?

Ikea in New Haven, Connecticut

"In 2014, Connecticut homeowners and businesses installed 45 Megawatts of solar electricity capacity, making the state the 17th most solarized state out of 50..." according to the Solar Energy Industries Association. Connecticut offers incentives that are based on system capacity, like the Connecticut Green Bank. The Connecticut Green Bank calculate their incentive amount by measuring how much energy the house uses on average over a period of 12 months. If the capacity is up to the average; homeowners will expect a generous rebate, if the capacity is lower than the average; they can expect a lower rebate. These incentive programs have helped with the growth of installing solar systems in Connecticut. Connecticut has taken action in becoming more solar, IKEA in New Haven is one of the largest corporate photo-voltaic systems in the state, it has 940 kilowatts of solar capacity in New Haven.

Solar tax credits and incentive programs have helped with Connecticut residents and companies to become more solar and it also has created more jobs. "The Solar power industry has created 31,000 new jobs last year..." according to Solar Jobs Census. Also, more than 170,000 jobs are supported by the installment and maintenance of solar power and there are also over 700,000 jobs in relation to the solar power industry. The growing popularity of solar jobs, account for almost 2% of all new jobs created in the U.S. in 2014. Tax policies have played an important role in creating jobs in Connecticut and the U.S. as a whole.

Why should the Investment Tax Credit be extended?

The Solar Energy Industries Association state three important points as to why the Investment Tax Credit is so important.

1. The ITC has helped annual solar installation grow by over 1,600 percent since the ITC was implemented in 2006 - a compound annual growth rate of 76 percent.
2. Solar employment has grown by 86% in the last four years and is creating jobs at a rate nearly 20 times higher than employment growth in the overall economy.
3. The existence of the ITC through 2016 provides market certainty for companies to develop long-term investments that drive competition and technological innovation, which in turn lower costs for consumers.

Solar energy is one of the best ways to help the world become a better place to live in. It is a great investment . Take advantage of the Solar Investment Tax Credit and schedule an appointment with PurePoint Energy, before time runs out. Visit our website at www.purepointenergy.com for a free consultation. To see what we've been up to, like us on Facebook and visit our Twitter and Instagram.

References: http://www.seia.org/policy/finance-tax/solar-investment-tax-credit http://www.seia.org/research-resources/extend-residential-solar-investment-tax-credit http://www.computerworld.com/article/2870954/solar-industry-jobs-are-growing-at-20-times-the-national-rate.html http://www.theridgefieldpress.com/49405/ridgefield-growing-solar/