The Federal Investment Tax Credit makes project investors eligible for investment tax credits for the installation of renewable energy equipment.
Investment tax credits are, essentially, subsidies for investments in renewable energy which leads to energy conservation, pollution control and desirable economic development. The ITC has been revised multiple times since 1992, most recently in August 2022 within the Inflation Reduction Act (IRA).

Tax Credits such as the IRA are structured to reward and encourage economic growth.
The Inflation Reduction Act (IRA) has extended the advanced energy project credit for investments in projects that re-equip, expand, or establish energy manufacturing facilities.
The total investment tax credit available to an eligible project may be higher than the base amount if the project meets certain conditions, including:
Until December 31, 2019, the amount of the tax credit equaled 30% of equipment and construction costs of the renewable energy facility such as fuel cells and solar energy systems {PV}. There is also a 10% ITC for geothermal energy. In 2022, the IRA raised the credit from 26% to 30% of equipment and construction costs for projects less than 1 MW, and for larger projects a base 6% increased to 30% if the prevailing wage and apprenticeship requirements are met.

Types of Renewable Energy Eligible for the ITC:

Member of the Solar Energy Industries Association®: the largest national trade association for the U.S. solar energy industry; championing the use of clean, affordable solar energy in America.