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IRS Updates Solar Tax Credit Rules (May 2024)

Oregonians, let's take advantage of the new IRA bonus credits for using American-made solar products. Light up your home and support our economy today!

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    Unlock the Power of the Sun with New IRA Domestic Content Bonus Credit Opportunities

    Hey, Oregon! It’s time to turn our eyes to some pretty exciting news that’s just landed on our doorsteps – an update that could make going solar even more rewarding for you and for our beloved Beaver State. The IRS has rolled out fresh guidance on the IRA (Inflation Reduction Act) Domestic Content Bonus Credit, and it’s something you definitely want to tune into.

    On May 16, the world got a closer look at Notice 2024-41. This isn’t to throw last year’s advice out the window but to build on it and offer us Oregonians another route to nab that bonus for using American-made solar goods. And yes, it’s a big win for all of us keen on keeping our rooftops buzzing with solar energy, thanks to the Solar Energy Industries Association’s hard work.

    What’s New and Why It Matters for Us

    In a nutshell, the IRS is giving us a shortcut to calculate costs of some key solar components — think modules, inverters, and certain types of racks that hold your solar panels in place. Instead of chasing down detailed cost info from suppliers, you can now use a handy table from the Department of Energy. This move is all about making it easier to grab extra credits if your solar setup leans on products made right here in the U.S.

    Why should we care? It’s pretty simple. When we opt for domestically produced solar parts, we’re not just lighting up our homes with clean energy. We’re supporting American jobs, reducing our carbon footprint by cutting down on transport emissions, and ensuring a healthier planet for future Oregonians.

    The IRS isn’t just rounding off there. They’ve also shed light on how to blend components from home and abroad in your solar projects and navigate the waters of mixing PV (photovoltaic) and BESS (battery energy storage) systems.

    Here’s How You Can Dive In

    This guiding light is already up and shining for anyone ready to get their solar journey going, even though the formal rollout is slated for June 10. Plus, it’s sticking around for projects that kick off up to 90 days after any further updates from the IRS. And guess what? They’re all ears for your thoughts until July 15.

    The big picture? More good stuff is on the horizon, with the Treasury and IRS plotting out extra rules to make solar manufacturing in the U.S. even stronger. That includes making key components like solar wafers here at home.

    Let’s Make It Happen, Oregon!

    Remember, diving into solar isn’t just about slashing those energy bills—it’s about planting our feet firmly on the path to a greener, cleaner Oregon. With updates like these, building a solar-powered future feels more within reach than ever. So, let’s grab this opportunity and lead the charge toward a sustainable horizon. Together, we can make sure the Beaver State shines bright, powered by the sun and our unyielding commitment to our planet.

    Ready to shine a little brighter? Let’s harness the power of the sun and make every ray count for Oregon.

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