Solar Tax Credits Continue, Long Live Solar!

Congress Extends Solar Tax Credits Until 2022

WILMINGTON, NC, January 5, 2016 – On December 18th, 2015 Congress approved an extension of the federal investment tax credit (ITC) for solar through 2022. The ITC will remain at 30% through 2019, will drop to 26% for 2020 and step down to 22% in 2021 and remain at 10% thereafter. This is great news for homeowners wanting solar, as the federal 30% Income Tax Credit means that they can reduce their income tax bill by 30% of the net cost of their solar electric system.

As 2015 will forever be marked as one of the most successful years of solar adoption in the United States, and particularly in North Carolina, this extension means for the solar industry a long term stability and broadened employment possibilities. I speak daily with people, neighbors, passing by when we install solar panels. They all want solar. The tax credits make it possible for them. I was thrilled to hear about the Congressional approval on the Tax Credit extension, as I got married this past summer and plan to start my own family. The extension brings stability for my own personal plans,” smiles Kyle Vincek, a lead installer of Wilmington, NC- based Cape Fear Solar Systems, LLC. Cape Fear Solar currently employs 19 outstanding individuals and plans to add 5-7 more positions in 2016.

Solar is surely becoming a standard feature on homes, and increasingly also on commercial buildings, yet property owners sometimes face obstacles with the required upfront cash. “Many solar companies started to collaborate with financial institutions to offer financing where the solar system owner is cash positive from a day one,” states Linda Hanykova, vice president of operations at Cape Fear Solar Systems. “Our company is leading the way in our region and starting this month, we are offering special solar financing, where homeowners can enjoy the energy bill savings and tax benefits resulting from solar system installation for as low as a $1,000.00 up front investment.”

Cape Fear Solar Systems, LLC has been established in 2007 and to date has designed and installed over 275 systems in the Greater Wilmington area. The tax extension brings a bright future for clean, renewable energy,” says Hanykova, “and Cape Fear Solar Systems can continue the serious work of changing the planet for the better, one roof at a time.”

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