More non-profits, places of worship are going solar. Direct payment of a “like-kind” 30% solar tax credit is helping.
Good news for non-profits hoping to switch to solar energy! The Inflation Reduction Act (IRA) of 2022 made it possible for non-profits and other tax-exempt entities, including houses of worship, to benefit from a direct payment program worth a “like-kind” 30% of cost federal tax credit. Regulations and procedures took a while to implement, but from all accounts this powerful benefit is now rolled out.
Keep in mind, prior to this even without this incentive as of 2021, about 2% of houses of worship in the U.S. had solar energy systems, per a Lawrence Berkeley National Laboratory report, “disproportionately high since houses of worship make up only 0.6% of all non-residential buildings.” The reason may be that most faiths have a mission to protect the Earth, and have looked to donations, contributions or special grants to accomplish this.
Now, with this new and potent financial incentive, many more non-profits including churches, synagogues and mosques are considering installing solar panels.”
This move isn’t just about cutting down on those hefty energy bills—it’s a green leap towards sustainability showing how faith and eco-consciousness can coexist. By tapping into the cost, climate, and reliability, the perks of solar energy, religious institutions are setting an example that combines moral responsibility with financial savvy,” notes Environmental Health News.
Non-profits who are interested need to have their tax or financial advisors look at Section 6417 of the IRA for information and to determine eligibility. BUILT WELL SOLAR CORP. DOES NOT PROVIDE TAX ADVICE.