Two years ago, the Biden administration halted tariffs on imported solar panels from Southeast Asia into the United States.
This suspension of tariffs allowed businesses and solar projects to continue without the need for costly tariffs that may push companies away from using solar energy to generate electricity.
Due to the improvement and expansion post-tariff in renewable energy and solar systems, Biden is extending the resolution to block tariffs on solar panels. This is fantastic news for commercial businesses who want to install solar panels and reap the incredible benefits of solar energy.
How This Veto Helps Those Interested in Solar Energy
The decision to not reinstate the previous tariffs on imported solar panels helps companies avoid extra costs that might deter them from utilizing solar energy.
Since Southeast Asia and China are currently the leading manufacturers of these solar panels, this short-term veto lets U.S. businesses purchase panels to start producing clean energy while our domestic inventory improves.
Reduce Your Energy Costs
This veto makes getting solar panels more accessible, which in turn helps businesses reduce their overall energy costs.
Using the sun’s free energy is an all-access approach to electricity instead of relying on the grid to operate your business. Not to mention, switching to solar can drastically cut the cost of your electricity bills.
Reap Renewable Energy Tax Credits
If you’re considering solar panels for your company, you should take note of the tax benefits you receive for using commercial solar energy.
Federally speaking, investment tax credits can reimburse some of the start-up costs of investing in solar panel systems. More specifically, this tax credit, called the Investment Tax Credit (ITC), provides businesses with up to a 30% credit to cover installation costs.
In addition to federal credits, businesses may take advantage of state tax breaks as they switch to solar energy systems.