- The recently passed Inflation Reduction Act of 2022 will extend the investment tax credit, providing residential solar users with a tax credit equivalent to 30% of the cost of equipment
- The tax credits will seek to incentivise the continued growth of the US solar energy sector
- Although new solar energy capacity accounted for half of the growth of electricity generation capability within the US in 1Q22, the nation’s cumulative solar energy capacity is sufficient to power a mere 18 million homes
- Through its revolutionary SmartGreen(TM) Home solution, GeoSolar Technologies will help household lower both, their carbon footprint as well as their utility bill outlay
The newly passed Inflation Reduction Act of 2022 has been hailed for its extensive remit, ranging from curbing inflation through a reduction of the United States fiscal deficit through to cutting prescription drug prices. However, one of the most impactful provisions within the bill is the long-term extension of the investment tax credit, a subsidy which has been instrumental in launching the US solar industry as we know it today. The bill calls for a 10-year extension of subsidies in the form of tax credits valued at 30% of the cost of the installed equipment, which will then step down to 26% in 2033 and 22% in 2034. Moreover, the tax credit also applies to residential adopters of solar technology; in effect, the 30% credit will retroactively apply to anyone who installed their system dating back to the beginning of 2022 – a welcome outcome for the likes of Colorado-based GeoSolar Technologies (“GST”), a climate technology company seeking to harness renewable energy sources to power and purify homes and automobiles without the use of fossil fuels.
“With long-term incentives for clean energy deployment and manufacturing, the solar and storage industry is ready to create hundreds of thousands of new jobs and get to work building out the next era of American energy leadership. This is a crucial window of opportunity that we cannot miss, and…
NOTE TO INVESTORS: The latest news and updates relating to GeoSolar Technologies are available in the company’s newsroom at https://ibn.fm/GST
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