Senator Catherine Cortez Masto (D-NV) and Representatives Mike Thompson (D-CA), Paul Cook (R-CA) and Brian Fitzpatrick (R-PA) introduced companion bills with a five-year 30% extension of Section 48 and Section 25D Solar Investment Tax Credits (ITC). The Renewable Energy Extension Act will call for the extension of the tax credits.
Following is a statement from Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA), urging lawmakers to pass this critical legislation:
“These bills are clear, easy wins members of Congress can deliver to their constituents that create jobs, bolster the economy and address climate change. Polling shows that Americans across the political spectrum are concerned about our changing climate and they strongly support solar.
“Since 2005, when the ITC was first passed by the Republican-led Congress and signed into law by President George W. Bush, the ITC has created hundreds of thousands of jobs, sparked more than $140 billion in private investment and helped grow solar deployment by more than 10,000%.
“Now is not the time to turn our backs on this American success story. The ITC is the strongest policy there is to support clean energy development, grow the economy, create jobs and meaningfully cut emissions.
“We are grateful to Sen. Cortez Masto, Rep.Thompson, Rep. Cook and Rep. Fitzpatrick for their leadership and are eager to build on the bipartisan support this legislation already enjoys. In the next several months, we look forward to working with all members of Congress to move this legislation over the finish line.”
Prior to introducing this legislation, SEIA gathered nearly 1,000 signatures from companies across the United States solar industry.
The ITC is scheduled to start stepping down at the end of 2019, moving from its current 30% efficiency to 26% in 2020, 22% in 2021 and then expire for residential projects in 2022 and remain at 10% for commercial and utility projects indefinitely.
Read more about what solar installers are doing to prepare for the ITC rampdown here.
News item from SEIA
Joe Morinville says
I would like to see the ITC made permanent at 30% but require that all major components, Panels, Inverters and Racking be manufactured in the USA.
This would support the current administration agenda of American First and put Solar on solid ground for the foreseeable future.
The first energy subsidy in the US was a group of temporary federal tax incentives for gas/oil in 1918 and still on the books today. Depletion for one. The US built its entire energy infrastructure on subsidy, most of which are still active on tax code. Now when the status quo is changing and renewables are reinventing the energy markets, suddenly now they want to stop subsidization but only for renewables. They want to keep the status quo of energy in the US so they keep the status quo of campaign contributions coming in from big energy. Extend the ITC and keep the field balanced.
David J. Ingraham says
I think you will get agreement from the president as he has stated that he supports all energy sources for our nation. I like solar energy and should be in the long run, our nations largest contributor to the energy needs of the people. I like what some businesses have don by setting them up as cover roofing of parking lots allowing to park the vehicles in the shade of the panel. I would like to see them located along side our interstate highways as a source for electricity to charge electric vehicles.