Canary Media Inc.’s Post

#renewables ITC Transferability Is Accelerating Multifamily Solarization The economics of rooftop solar for multifamily housing have been difficult, especially in a sub-megawatt market that was not attractive to large tax equity investors. This issue was particularly thorny for properties owned by real estate investment trusts (REITs) which, as pass-through entities for tax purposes, could not utilize the investment tax credits associated with solar projects. With REITs owning $4 trillion in real estate assets, a significant proportion of the country's multifamily housing stock, and other commercial real estate, could not afford solar, as the projects often did not pencil out without tax benefits. Tax credit transferability under the IRA is changing all that. According to tax credit exchange Crux Climate, an estimated $10 billion in tax credits have been transferred in the last year, and that figure could reach $20-25 billion by yearend 2024.  Although multifamily and commercial solarization had previously lagged both residential rooftop and utility-scale solar, the ITC transfer market for the sector has already begun to accelerate, and growth is expected to continue.

Black Bear Energy Inc., a Legence Company, and clean-energy finance company, Evergrow, were recently featured in Canary Media Inc. for their first successful solar tax credit transfer, opening doors for REITs within the #CommercialRealEstate industry. This is just the beginning for federal incentive monetization! Read the full article with the link. #WeAreLegence #RenewableEnergy #RooftopSolar 

Black Bear Energy Inc., a Legence Company, and clean-energy finance company, Evergrow, were recently featured in Canary Media Inc. for their first successful solar tax credit transfer, opening doors for REITs within the #CommercialRealEstate industry. This is just the beginning for federal incentive monetization! Read the full article with the link. #WeAreLegence #RenewableEnergy #RooftopSolar 

Black Bear Energy Inc., a Legence Company, and clean-energy finance company, Evergrow, were recently featured in Canary Media Inc. for their first successful solar tax credit transfer, opening doors for REITs within the #CommercialRealEstate industry. This is just the beginning for federal incentive monetization! Read the full article with the link. #WeAreLegence #RenewableEnergy #RooftopSolar 

I'd love to chat with an expert on implementing this at the small to medium commercial scale. How can my company facilitate tax-credit transfers for real estate holding companies? #solar #commercialsolar #realestate #renewable #taxcredits

The ability to transfer tax-credits is opening up the viability of solar projects across markets. See the link below to read more about the tax-credit transfer Black Bear Energy recently completed with Evergrow and Equity Residential. Read the Canary Media Inc. article here: https://lnkd.in/e4GdAVW2 #innovation #solarmarkets #renewableenergy #taxcredits #solar We Are Legence!

How does a 30% credit on your solar installation sound? The Federal Solar Investment Tax Credit (ITC) is here to save you money on going solar. Don’t wait—now’s the perfect time to start! Contact us today to make it happen!

A recent article published by Canary Media claims that, "The tax-credit transfer markets created by the Inflation Reduction Act are boosting clean energy in tough-to-crack markets -- like rooftop solar on multifamily housing." Earlier in July 2024, renewable energy developer Black Bear Energy and clean finance company Evergrow revealed a set of solar projects to make the most of the IRA's tax credit. Although a small solar investment, 556 kilowatts of projects are now across several multifamily properties in California and Washington, D.C., which are owned by the real estate investment trust Equity Residential. However, Evergrow CEO James Richards claims that "as a first-of-its-kind application of the Inflation Reduction Act's new tax-credit transferability rules, it's a pretty big deal." Evergrow, "managed the sale of the tax credits for the solar projects owned by Equity Residential to companies that wanted to reduce their tax burdens." Read more about how the Inflation Reduction Act is helping bring solar to more apartment buildings by clicking the link below! 🏘🌅🏡🎉🏦 https://lnkd.in/e4GdAVW2 #inflationreductionact #ira #canarymedia #evergrow #renewableenergy #advocacy #solar #apartment #renewableenergyadvocacy #climate #climateadvocacy #blackbearenergy

🌞 New climate law makes it easy for the multifamily commercial sector to adopt solar energy 🎉 Adoption solar energy for multifamily buildings was a pain. It was complex. It was frustrating. It's also high potential for emissions reduction. The new climate law has introduced new tax-credit transferability rules which allows the sale of tax credits for solar projects to reduce tax burdens and as a result, we're seeing a surge in solar adoption across apartment buildings. 🚀 At Lumen Energy, we are proud to partner with leading tax marketplaces to simplify the transaction process. Together, we can unlock the full potential of solar energy in the multifamily sector and drive meaningful change for our planet. 🌏 #SolarEnergy #Sustainability #Multifamily #CleanEnergy #CRE #RenewableEnergy

Discover the financial benefits of commercial solar with our latest article on the Investment Tax Credit (ITC). Learn how businesses can save $100,000s in annual energy costs and hedge against volatile utility rates. #CommercialSolar #InvestmentTaxCredit #RenewableEnergy #EvalenceRenewables