On February 5, 2021, House Democrats reintroduced the GREEN Act. The GREEN Act extends federal tax credits for renewable energy and expands them to include new storage technology.
Key provisions include:
- extending the Investment Tax Credit (ITC) for solar energy at 30% through 2025 before phasing down to 26% in 2026, 22% in 2027 and then 10% from there;
- extending the 30% investment tax credit for offshore wind property through 2026;
- preserving the wind production tax credit’s 60% phaseout level through 2026;
- extending the production tax credit for marine and hydrokinetic renewable energy facilities through 2026; and
- providing for a 30% investment tax credit for energy storage technology.