May 30, 2014
Today, Gov. Branstad signed SF 2340 which boosts Iowa’s solar tax credit and continues Iowa’s commitment to investing in renewable energy efforts that are cost effective, create jobs and deliver reliable energy.
Iowa’s solar tax credit program has performed remarkably well since it was launched in 2012 – just $2.84 million in disbursements have led to over $24 million in total investment. This investment has brought more than 600 solar projects to homes, barns and small businesses across Iowa. But more than that, it has brought jobs, reliable energy, and lower electric bills to families, farmers and businesses.
“We have seen how wind energy has brought vitality to communities across Iowa,” said Steve Falck, Senior Policy Advocate at the Environmental Law & Policy Center. “Today, we celebrate Iowa’s sunshine!”
Today’s action will expand upon these successes and make solar energy a reality to thousands more Iowans. By increasing the annual cap from $1.5 million to $4.5 million, we will significantly expand the number of projects that will become a reality. But this bill does more. It increases the cap on individual projects, making them more affordable, and it allows businesses to claim multiple credits if they have multiple locations that could benefit from solar installations. This means if you have solar at one facility and it’s working, it’s time to expand. As solar grows, the jobs will follow and Iowa will harvest more of its very own clean energy.