Gov. Terry Branstad on Friday signed into law HF 645, a bill that increases Iowa’s solar energy tax credits and adds production tax credits for utility solar projects.
“Solar works for Iowa,” said Senator Rob Hogg (D-Cedar Rapids) who floor managed the bill in the Iowa Senate, where it passed with unanimous bipartisan support. “This legislation will accelerate the growth of the solar energy industry in Iowa. That’s good for the environment and our economy. Solar energy is already working for thousands of businesses, farmers and homeowners across our state.”
Rep. Dan Kelley (D-Newton) was also a strong supporter of the bill that passed the Iowa House and Senate with broad support.
“The legislation signed into law will give an enormous boost to an already rapidly-growing solar industry,” Kelley said. “Expanding the use of solar tax credits will spark new solar projects, provide solar installation and maintenance jobs, and provide a renewable clean source of energy.”
Since the legislature first passed solar energy tax credits in 2012, the credits have helped more than 1,200 projects be built in the state, leveraging over $50 million in solar investments in Iowa and helping the industry add nearly 1,000 jobs.
The new legislation adds $500,000 to Iowa’s solar energy tax credits, bringing the total to $5 million per year. It also makes utilities eligible for production tax credits for solar power projects.
Those wanting more information on installing a solar project can visit: iub.iowa.gov/renewable-energy-tax-credits.