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How the Inflation Reduction Act will Help More Nonprofits Go Solar
December 21, 2022 – Solar Power World
The Inflation Reduction Act (IRA) signed into law by President Biden on August 16, 2022, dedicates $369 billion to combat climate change. This landmark legislation aims to build a clean energy economy and reduce greenhouse gas emissions by approximately 40% by 2030, according to the federal government. One of the most significant provisions of the law financially incentivizes nonprofit organizations to go solar. The IRA allows nonprofits to access the solar investment tax credit (ITC) through a direct pay option.
Farmer's Guide to Going Solar
Solar Energy Technologies Office
A growing number of farms and agricultural businesses are looking to solar to power their daily operations. Thanks in part to the Solar Energy Technologies Office’s investments, the cost of going solar has declined, enabling more installations across the country. Consider these questions to help you determine what’s best for you and your farm.
Federal Solar Tax Credits for Businesses
Solar Energy Technologies Office
There are two tax credits available for businesses and other entities like nonprofits and local and tribal governments that purchase solar energy systems:
- The investment tax credit (ITC) is a tax credit that reduces the federal income tax liability for a percentage of the cost of a solar system that is installed during the tax year.
- The production tax credit (PTC) is a per kilowatt-hour (kWh) tax credit for electricity generated by solar and other qualifying technologies for the first 10 years of a system’s operation. It reduces the federal income tax liability and is adjusted annually for inflation.
Funding & Financing
Department of Energy
The Energy Department supports a number of grant, loan and financing programs. Learn more about these programs and how they can help you — whether you are a startup energy business looking to launch a pilot project, a company with proven technology that needs help reaching commercial scale, or a state, local or tribal government looking for funding resources for energy projects.
Funding Opportunities
Office of Energy Efficiency & Renewable Energy
The Office of Energy Efficiency and Renewable Energy’s funding programs advance clean energy technologies to ensure an equitable transition to a decarbonized economy.