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A pair of Democrats hope to expand a U.S. federal renewable energy tax credit to make it easier for consumers to install roofs with solar shingles like those made by Tesla Inc and GAF Energy, betting it will boost a nascent segment of the industry.
This new bill was brought by Mikie Sherrill and Georgia Senator Jon Ossoff, who are New Jersey Congresswomen. This will further expand the solar tax credit for residential consumers and small businesses to include entire roofing systems that integrate solar power technology.
The current tax credit (26%) does not cover any other parts of the roof except the solar roof tiles which is an obstacle for the industry. This measure falls in place with Joe Biden’s climate change initiatives which affect power.
Sherrill, whose district includes GAF’s headquarters, said, “It’s these kinds of fixes to the tax code that can really spur innovation. I want GAF and others to be producing those solar roof tiles across the nation and across the world.”
The solar investment tax credit is scheduled to be phased out for residential systems in 2024. Biden has pushed for a 10-year extension of the credit.
GAF, (a unit of Standard Industries) has installed its product on more than 2,000 U.S. rooftops till now.
For the past 3 years, Tesla Inc. has been installing its solar roof product but has not disclosed how many it has put up.
“This is forward-looking legislation, anticipating how the technology will progress,” Ossoff said.