The United States Internal Revenue Service (IRS) has announced the renewable energy projects can claim a 30% tax credit if the project starts construction by December 31, 2019. The renewable energy developers must then complete the project by December 31, 2023. The tax credit applies to solar parks, fuel cell power plants and wind farms.
The US IRS ruling was welcome news to the renewable energy industry, particularly the solar industry. Utility scale solar projects can now avoid solar tariffs imposed on imports through 2021. In my opinion, I support the US IRS tax ruling as it will be a welcomed incentive for American utilities to move from fossil fuel to clean, renewable energy.