President Biden signed the Inflation Reduction Act into law on Tuesday, August 16, 2022. One of the many things this act accomplishes is the expansion of the Federal Tax Credit for Solar Photovoltaics, also known as the Investment Tax Credit (ITC). This credit can be claimed on federal income taxes for a percentage of the cost of a solar photovoltaic (PV) system.
Those who install a PV system between 2022 and 2032 will receive a 30% tax credit. Energy storage devices that have a capacity rating of 3 kilowatt hours or greater are included.