Iowa Senate unanimously passes bill to triple tax credits for solar power

Facebook
Twitter
LinkedIn
Reddit
Email

A proposed bill that would triple the amount of tax credits available to Iowans that have installed solar panels was passed by a 46-0 vote in the Iowa State Senate.

A state tax credit, the Solar Energy System Tax Credit, was established in 2012 in order to provide incentives for farmers, businesses and ordinary citizens that install PV technology on their property. Thanks to the newly passed bill, Senate File 2340, the tax credit will jump up from US$1.5 million to US$4.5 million.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

If the bill becomes a law, it will allow a taxpayer to claim an Iowa credit equal to 60% of the federal solar tax credit instead of the 50% that is currently accepted.

The law would also boost the credit cap available to taxpayers from US$3,000 to US$5,000 and the credit cap available to businesses from US$15,000 to US$20,000.

Iowa has seen its solar market grow exponentially over the last few years. Six years ago, the largest PV installation in the Hawkeye State was a 7kW array in Hiawatha. This year, Farmers Electric Co-op is planning to construct an 800kW, 2,000 panel PV system in Kalona, highlighting the increasingly growing solar capacity in the state.

Senate File 2340 is just one of many pieces of US legislation designed to further boost the renewable energy sector in the country. In 2011, California governor Jerry Brown passed a law requiring that California’s utilities must get 33% of their electricity from renewable energy sources by 2020. 

Read Next

June 21, 2024
UAE state-owned renewable energy developer Masdar has reached an agreement to buy 67% stake in Greece's Terna Energy.
June 21, 2024
In this year’s ultraviolet-induced degradation (UVID) testing, engineering advisory and test services provider Renewable Energy Test Center (RETC), has noticed that 40% of modules tested have returned with a red-flag result.
June 21, 2024
NextEra Energy Resources has begun construction of a 310MW solar PV plant in Texas, US, offering power to INEOS Olefins & Polymers USA.
June 21, 2024
LONGi has announced a commercial M6 size wafer-level silicon-perovskite tandem solar cell with 30.1% efficiency at Intersolar Europe 2024.
June 21, 2024
Solar PV is expected to generate 20% of global power across midday peaks on the summer solstice in the northern hemisphere, up from 16% in 2023.
June 21, 2024
SolarEdge has unveiled new inverters, and a new operations and management (O&M) platform, at Intersolar Europe 2024.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia