Then, Congress reached an agreement on a COVID-19 relief bill, and everything changed.
The aid bill, which may be voted on Monday, includes $900 billion in help for those struggling from the financial fallout of the pandemic. It also includes a two-year extension for the Solar Investment Tax Credit, which was supposed to phase out for homeowners by the end of next year.
The Solar Investment Tax Credit currently saves homeowners 26% of the cost of their solar installation. Solar panel installations often exceed $10,000 in Indiana, meaning the credit can cut the cost by more than $2,000.
Under the current phase-out plan, the credit would drop to 22% after Dec. 31 this year, and to 0% for homeowners by the end of next year. Businesses would still be able to take a 10% tax credit after that.
“We are going to need to look at other sources [of power]. With growth in the Houston area, there are bigger demands for electricity,” said Gary Basinger, the president and chief operating officer of the Economic Development Alliance for Brazoria County.
Plans for industry growth
After years of hearing about solar energy becoming more popular, Basinger did not believe solar energy would be effective in Brazoria County. Suddenly, several solar farms seemed to appear in the county at the same time, he said.
“Over the years, . people have talked about solar, and I said it was too cloudy. I just couldn’t imagine solar being efficient here,” he said.