It’s official: The solar Investment Tax Credit will step down next year as last-ditch extension effort fails
In today’s not shocking news: Congress and the White House didn’t agree on including an extension of the solar Investment Tax Credit (ITC) in an end of year tax package. Also eliminated from the package: any tax credits for electric vehicles, stand alone energy storage, and offshore wind. The PTC for wind was extended for one more year at 60%.
That makes it official: The ITC will decrease at the end of this year, which is another missed opportunity for the country to “take an achievable step to boost the economy, add jobs and reduce carbon emissions,” as SEIA stated it in a briefing about the news today. Here is more from Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association on this development:
“Congress let a crucial opportunity slip by, advancing a massive government spending bill without extending one of the most successful clean energy tax policies in history, the solar Investment Tax Credit.
“While I’m disappointed by this missed opportunity to boost the U.S. economy and jobs, and tackle climate change, I’m heartened that voter support for clean energy policies is at an all-time high. The solar ITC is a proven way to generate tens of billions of dollars in private investment each year, while substantially reducing carbon emissions. We will look for opportunities next year to again engage our incredibly supportive solar community and work with Congress on clean energy policies that work for all Americans.
“We knew this advocacy campaign was going to be an uphill climb. I’m proud of the progress we’ve made and I’m grateful for our bipartisan supporters. We were pleased by the sheer number of co-sponsors we gained, including the 14 House Republicans. This support will be critical as we continue our fight for meaningful policy, including provisions for clean energy storage in 2020.”