November 4, 2021 at 8:55 p.m.
Deadlines for installation are near
Letter to the editor
Deadlines for installation are near
To the editor:
There are two important deadlines looming for anyone considering installing solar panels on their residences or businesses in Indiana.
The first deadline for consumers who are supplied power by an investor-owned utility like Indiana Michigan Power is June 30, 2022. This is the end date to qualify for net metering per Senate Enrolled Act 309, previously Senate Bill 309. Those who qualify and install solar panels by June 30, 2022, will then have net metering until June 30, 2032.
The second deadline is the end of 2022, after which solar installations can no longer qualify for the current 26% federal tax credit (FTC), which goes to 22% in 2023. The FTC is subtracted from the owner’s federal taxes for the year when the panels are installed. Businesses not only get this credit but can also depreciate a revised basis of the cost of their system.
Net metering and the 26% FTC are strong financial benefits for installing solar systems on a home or business. Because of the imminent loss of net metering and the 26% FTC, there will be a sense of urgency for those trying to beat the June 30, 2022, deadline. Because system parts must be ordered, building permits obtained and connection contracts completed, in addition to the actual installation, there is a lag time between signing a contract and flipping the switch. Therefore, potential buyers should begin the process right away. There is often no charge for assessment and design until a contract is signed.
For those interested in learning more about installing solar panels to offset their energy costs, Solarize ECI, a grassroot organization that helps area residents learn how they can add solar panels to their homes and businesses, will sponsor a Zoom meeting at 6:30 p.m. Wednesday, Nov. 17.
The Zoom meeting will involve a 30-minute presentation followed by an hour for questions and answers. There is no charge to attend the Solarize ECI Zoom meeting.
Prior registration is required. The Zoom link for registration can be found at facebook.com/solarizeECI or by sending an email request to Carolyn Vann, [email protected], or John Vann, [email protected], who are co-team leaders of Solarize ECI.
John Vann
Solarize ECI
There are two important deadlines looming for anyone considering installing solar panels on their residences or businesses in Indiana.
The first deadline for consumers who are supplied power by an investor-owned utility like Indiana Michigan Power is June 30, 2022. This is the end date to qualify for net metering per Senate Enrolled Act 309, previously Senate Bill 309. Those who qualify and install solar panels by June 30, 2022, will then have net metering until June 30, 2032.
The second deadline is the end of 2022, after which solar installations can no longer qualify for the current 26% federal tax credit (FTC), which goes to 22% in 2023. The FTC is subtracted from the owner’s federal taxes for the year when the panels are installed. Businesses not only get this credit but can also depreciate a revised basis of the cost of their system.
Net metering and the 26% FTC are strong financial benefits for installing solar systems on a home or business. Because of the imminent loss of net metering and the 26% FTC, there will be a sense of urgency for those trying to beat the June 30, 2022, deadline. Because system parts must be ordered, building permits obtained and connection contracts completed, in addition to the actual installation, there is a lag time between signing a contract and flipping the switch. Therefore, potential buyers should begin the process right away. There is often no charge for assessment and design until a contract is signed.
For those interested in learning more about installing solar panels to offset their energy costs, Solarize ECI, a grassroot organization that helps area residents learn how they can add solar panels to their homes and businesses, will sponsor a Zoom meeting at 6:30 p.m. Wednesday, Nov. 17.
The Zoom meeting will involve a 30-minute presentation followed by an hour for questions and answers. There is no charge to attend the Solarize ECI Zoom meeting.
Prior registration is required. The Zoom link for registration can be found at facebook.com/solarizeECI or by sending an email request to Carolyn Vann, [email protected], or John Vann, [email protected], who are co-team leaders of Solarize ECI.
John Vann
Solarize ECI
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