It appears that solar installations may soon be on the rise in Georgia. According to the Georgia Solar Energy Association (GSEA), Governor Nathan Deal just signed off on a law that will raise the state’s solar energy tax credit cap from the current $2.5 million per year to $5 million annually for the years 2012, 2013 and 2014. The new law is reportedly intended to help an already vibrant solar energy industry in the state to continue its success.
Under the new law, business will be able to recoup up to $500,000 of the solar generation system installation costs through tax credits, which must be taken over the course of four years. Homeowners will be eligible to receive up to $10,500 in tax credits which must also be taken over four years.
According to a statement, if a $5 million cap should be reached in any year, eligible taxpayers on a waiting list will get priority over those that apply for the credits in subsequent years. Other administrative details regarding the tax credits are yet to be administered by the Georgia Department of Revenue.
The GSEA said it expects the raised cap will have a “ripple effect” on the state’s economy and job market. Last year, the $2.5 million cap wasn’t quite reached. Just under $2 million in credits was extended to applicants. The credits are said to have gone toward 47 solar PV projects and 90 solar water heating installations in Georgia.