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.”
Have you checked out our YouTube page?
We have a ton video interviews and additional content on our YouTube page. Recently we debuted Power Forward! -- a collaboration with BayWa r.e. to discuss higher level industry topics as well as best practices / trends for running a solar business today.
Our longer running side project is The Pitch -- in which we have awkward discussions with solar manufacturers and suppliers about their new technology and ideas so that you don't have to. We've discusses everything from residential rail-less deck attaching and home solar financing to large-scale energy storage value stacking and utility-driven new home solar + storage microgrids.
We also post our Project of the Year announcements there! Interviews with this year's winners will be up starting the week of Nov. 8. Head there and subscribe today to stay on top of all this extra stuff.