Tag Archives: Solar Investment Tax Credit (ITC)

Install Inequality: Nearly half of U.S. residential rooftop solar potential is currently out of reach

By Chris Crowell, Solar Builder Magazine

One of the largest barriers to solar adoption on a wide scale is the wealth gap, and it will require more problem-solving than a mandate to overcome it. A new report released by the National Renewable Energy Laboratory (NREL) shows that nearly half (42 percent) of all the United States’ residential rooftop solar technical potential (see pg. 15 for definition) is on the dwellings of low-to-moderate income (LMI) households, representing 330 GW of potential solar capacity — a number the researchers admitted was much higher than they expected at the outset.

“Understanding the potential size of the LMI market in detail offers new insights and opportunities to serve these communities,” said David Mooney, executive director, Institutional Planning, Integration and Development for NREL. “The potential electric bill savings from the adoption of rooftop solar would have a greater material impact on low-income households compared to their high-income counterparts.” Read more here.

NREL Photo: PV installed on low-income housing development in Denver, Colorado

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ALSO IN THE NEWS

SEIA Celebrates Extension of the ITC

On passage of the omnibus appropriations bill, which included a 5-year solar investment tax credit (ITC) extension. Rhone Resch, president and CEO of the Solar Energy Industries Association (SEIA), made the following statement in a Press Release posted on SEIA’s website:

RhoneReschThis historic vote brings the solar industry to the forefront of the conversation about American energy. The ITC extension makes America and its solar industry the world’s preeminent producer of clean and affordable energy.

We commend members of Congress in both parties for taking this bold step and we look forward to delivering on the promise that this policy now offers all Americans.

Thanks to the ITC, solar energy will add 220,000 new jobs by 2020, and with this extension, the solar industry can achieve its pledge of employing 50,000 veterans. Clean solar energy will cut emissions by 100 million metric tons and replace dozens of dirty power plants. Importantly, in the follow up to the Paris accord, this establishes the United States as a model for the reduction of greenhouse gases.

A five-year extension of the ITC will lead to more than $133 billion in new, private sector investment in the U.S. economy by 2020. And much of this growth will come from small businesses, which make up more than 85 percent of America’s 8,000 solar companies.

Solar power in this nation will more than triple by 2020, hitting 100 gigawatts. That’s enough to power 20 million homes and represents 3.5 percent of U.S. electricity generation.

The solar industry now has a seat at the table with the nation’s other major electricity producers. Solar is the planet’s most abundant source of energy and offers all Americans clean electricity that can be built at scale and will make our nation proud and prosperous as a world leader in a new energy paradigm.

Solar Energy Industries Association’s Website: www.seia.org 

SEIA Commends Congressional Leaders for Including the Solar Investment Tax Credit Extension in Omnibus Bill

SEIA Press Release
Following is a statement from Rhone Resch, president and CEO of the Solar Energy Industries Association (SEIA), on the inclusion of a five-year solar investment tax credit (ITC) extension in the omnibus appropriations bill filed this morning by the U.S. House of Representatives:

RhoneResch“By extending the solar investment tax credit for five years with a commence construction provision and a gradual ramp down, bipartisan members in both Houses have reestablished America as the global leader in clean energy, which will boost our economy and create thousands of jobs across America. 

Currently there are 200,000 solar jobs, and the extension is likely to add another 140,000 jobs or more. And with this extension, the solar industry can achieve its pledge of employing 50,000 veterans by 2020, a goal our industry takes very seriously. These jobs are stable, well-paying and cannot be exported overseas.

A five-year extension of the ITC will lead to more than $125 billion in new, private sector investment in the U.S. economy. And much of this growth will come from small businesses, which make up more than 85 percent of America’s 8,000 solar companies. Over the last year, these companies told us they needed the extension of the ITC to provide their businesses with certainty, and SEIA has been working tirelessly to achieve that goal. Tonight, we’re happy to see that Congress has responded.

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. 

We commend members of Congress in both parties for taking this bold step and we look forward to delivering on the promise that this policy now offers all Americans for clean, affordable and reliable energy.”

PRESS RELEASE

About SEIA
Celebrating its 41st anniversary in 2015, the Solar Energy Industries Association is the national trade association of the U.S. solar energy industry. Through advocacy and education, SEIA is building a strong solar industry to power America. As the voice of the industry, SEIA works with its 1,000 member companies to champion the use of clean, affordable solar in America by expanding markets, removing market barriers, strengthening the industry and educating the public on the benefits of solar energy. Visit SEIA online at www.seia.org.

How solar will grow through the ITC sunset and beyond

Image Credit: Fotolia

Image Credit: Fotolia

By Herman K. Trabish, Utility Dive

The coming step-down in federal tax credits for solar energy production will cast a shadow over the industry in 2017, but after that analysts expect the sector to return to strong growth, perhaps hitting 250 GW of cumulative installed capacity by 2030.

Residential electricity customers are responding enthusiastically to the solar opportunity, and utilities are increasingly seeing value too, according to the author of a recent GTM report titled “The Future of U.S. Solar; Getting to the Next Order of Magnitude.”

Read more.

Will Solar Energy Plummet if the Investment Tax Credit Fades Away?

The Wall Street Journal

Photo: Daniel Acker, Bloomberg News

Photo: Daniel Acker, Bloomberg News

Amit Ronen, director of the GW Solar Institute and a professor at the Trachtenberg School of Public Policy at George Washington University, argues that the end of the 30% credit will send solar off a cliff. John Farrell, director of the Democratic Energy initiative at the Institute for Local Self-Reliance, says the impact of the tax credit is overstated and the solar market will continue to rise. Read more.

John Farrell will be the keynote speaker at Nebraska Sierra Club’s annual event this Saturday, November 21st at 1:00 p.m. at the Milo Bail Student Center at UNO. The event is free and open to the public. Click here for more details.

Watch SEIA’s Video on Extending the Federal Government’s 30% Solar Investment Tax Credit (ITC)

The Solar Energy Industries Association advocates on behalf of more than 1,000 solar energy companies and is currently leading a nationwide campaign to extend the Solar Investment Tax Credit (ITC) beyond December 31, 2016. Click the image, below, to view SEIA’s short YouTube video on this topic.

CLICK IMAGE TO VIEW THE VIDEO

CLICK IMAGE TO VIEW THE VIDEO

ADDITIONAL INFORMATION

SEIA’s Solar Investment Tax Credit (ITC) Information Sheet

Fact Sheet covering the basics of the Solar Investment Tax Credit (ITC).

SOLAR INVESTMENT TAX CREDIT (ITC)

SEIA logo

Renewable energy advocates are gearing up to provide support for the Solar Investment Tax Credit (ITC), currently set to expire December 31, 2016. The Solar Energy Industries Association has created an online form for solar advocates to send letters of support to their senators for the federal tax credit and to let Finance Committee Chairman Orrin Hatch (R-UT) and Finance Committee Ranking Member Ron Wyden (D-ORE) know of its importance to homeowners and businesses.

– from the SEIA
“Momentum is building in the U.S. Senate for legislation that would extend a long list of important, but expiring tax credits. We need your help to make sure the solar Investment Tax Credit (ITC) is included. The solar ITC is a critically important public policy that has helped to create 150,000 American jobs and pump nearly $70 billion into our economy. Please email your two Senators today and urge them to contact Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) to make certain that solar energy is included in any tax extenders legislation this year.”

SEIA Online Form

Information on the Solar Investment Tax Credit (ITC)

Fact Sheet

Renewable backers prep for Senate extenders markup

U.S. Senate Committee on Finance: The Business Income Tax Bipartisan Tax Working Group Report