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Breaking solar news: ITC extension included in must-pass bill

Posted by AllEarth Renewables on December 16, 2015 in Solar Jobs, ITC, Solar Policy, Solar Industry

--Gary-Hall--15-125-74.jpgWe've got exciting news to share.  Late last night, a must-pass appropriations bill in Congress was unveiled that includes a 5 year extension of the Investment Tax Credit.
 
As you know, extending the ITC has long been a priority for the industry, and as we wrote recently on this blog, it would be a boon for job creation and solar deployment--allowing it to expire would cause a 71 percent decline in U.S. solar installations between 2016 and 2017, and would lead to the loss of more than 100,000 jobs nationwide. As Rhone Resch, President and CEO of the Solar Energy Industries Association (SEIA), said in a statement today:

"A five-year extension of the ITC will lead to more than $125 billion in new, private sector investment in the U.S. economy...Solar power in this nation will triple by 2022, hitting 95 gigawatts. That’s enough to power 19 million homes and represents 3.5 percent of U.S. electricity generation- up from 0.1 percent in 2010. And the extension will offset 100 million metric tons of CO2 annually- equivalent to the emissions from 26 coal fired power plants." 

Now, until the bill passes (anticipated later this week) and signed by the President, nothing is a done deal. But the signs are looking good.
 
More specifically, the bill will provide extensions for both section 48 and 25d over the following schedule:
  • 2017 - 30%
  • 2018 - 30%
  • 2019 - 30%
  • 2020 - 26%
  • 2021 - 22%

Beyond that:

  • The bill modifies the tax code to allow for commence construction as long as the project is placed in service by Dec. 31, 2023
  • The permanent 10% remains in place for the commercial credit under Section 48
However, as we noted, this is not yet a done deal. It's important that the industry reach out to their representatives in Congress today to urge passage of this important extension.  You can do so now at: seia.us/SaveTheITC.
 
Here at AllEarth, we take policy work very seriously-- not only because it's good for business, but it's also the right thing to do.  We appreciate all of you who have joined this effort and future efforts with us!
 

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