Tag Archives: Federal Solar Investment Tax Credit (ITC)

Final Version of Tax Bill Keeps ITC Intact, Allowing for Strong Solar Growth to Continue

Solar Energy Industries Association Press Release

WASHINGTON, D.C. – [Friday], following aggressive advocacy efforts by the Solar Energy Industries Association (SEIA) to ensure the continued growth of the U.S. solar industry, Congress reached an agreement on comprehensive tax reform legislation. Following is a statement from Abigail Ross Hopper, SEIA’s president and CEO:

“After weeks of negotiations, the final tax legislation released today maintains the solar Investment Tax Credits (ITC) for both commercial developers and for homeowners in its current form. This is a great victory for the solar industry and its 260,000 American workers and we commend our bipartisan solar champions in Congress for their diligent efforts to maintain solar’s critical role in America’s economy.

“As an industry, we are pleased that the final version of tax reform legislation protects the Investment Tax Credit, and we look forward to continuing to deliver on our promise of affordable, reliable American energy.”

Press Release.

ADDITIONAL RECOMMENDED READING
U.S. renewable energy industry relieved as Republicans keep tax credits, Reuters
The final tax bill retains the production and investment tax credits for wind and solar energy that have spurred investment in the fast-growth industries. It also eliminates the alternative minimum tax, which would have reduced the value of those credits.

SEIA’s CEO provides update on the solar investment tax credit (ITC) fight on Capitol Hill

In Solar Power World’s latest E-Newsletter, Editor Kathie Zipp summarizes and provides commentary on Solar Energy Industries Association’s CEO Rhone Resch’s update on the federal Investment Tax Credit (ITC} :

RhoneResch
“I am writing to give you the latest information and to put you on the lookout for regular ITC updates over the next several weeks.

The response of our SEIA members in the face of significant head winds has been nothing short of incredible. Earlier this week, SEIA arranged for 14 solar CEOs to come in from all over the country to meet with members of the House and Senate from both parties and with administration officials to hammer home the point that we need an extension of the ITC and we need it this year.

On a daily basis, SEIA staff and lobbyists have fanned out across Capitol Hill, talking to Senators, Representatives and their staffs, carrying the ITC message. And in all of our meetings, we emphasized that the solar industry is speaking with one voice,” he said in the mass email. 

Resch said he sees two possible paths forward, based on published reports and SEIA intelligence. One is a roughly $800 billion tax extenders package. He noted that negotiations among Congressional leaders and the White House continue. If some of these larger issues get resolved, such as the Child Tax Credit and provisions to protect fraud, SEIA believes that Congress will include an expansion of the ITC. This could mean anything from a multi-year extension of the ITC, to a gradual reduction over time. A second possible legislative vehicle is a tie in with legislation lifting the current ban on crude oil exports from the U.S.

“We are working closely with our champions to extract the best possible deal for the ITC if that scenario unfolds,” Resch said referring to the latter path. 

Resch also warned of an alliance driven to block even the slightest of advances for solar energy on Capitol Hill. This includes the Edison Electric Institute and Sunnova’s CEO. But in his email, Resch promises SEIA is working to fight for the future of the solar industry.

“Be assured that we are taking diligent steps to address these issues on a multitude of fronts. Look for regular ITC updates, and know that we will not stand for getting lumps of coal in our stockings this year.

We are pushing with every ounce of effort to get the ITC extension approved.”

This update is posted here

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The Solar Energy Industries Association has created an online form for solar advocates to support extension of the federal solar Investment Tax Credit (ITC). Click HERE to learn more.