“As lawmakers in both parties evaluate the best way to address climate change, more solar energy is a must, and smart tax policies such as the ITC have proven to be successful,” says Abigail Ross Hopper, president and CEO of the solar industries trade group.
Solar Energy, with its renewability and carbon independence, has proved to be a great weapon to fight the growing threat of global warming and climate change. Solar Investment Tax Credit (ITC), is has been an important federal policy implemented to support the growth of Solar Energy Industries in the United States. This initiative has led to the creation of several domestic jobs, provide energy security, ensuring lower cost for consumers and contributing substantially to the nation’s economy.
- ITC, since its inception in 2006, has helped the U.S. solar industry grow by more than 10,000%, with an average annual growth of 50%
- It has created an employment of nearly 240,000 Americans in solar industry, pumping $140 billion a year into the economy
- It has helped to offset more than 20 million metric tons of damaging carbon emissions into the air which is the equivalent of removing 4 million cars off U.S. highways and roads
On June 19th, 2019 a decision was rolled out to wrap up the Clean Power Plan and replace it with a coal-friendly scheme - the Affordable Clean Energy rule. Further, Congress passed the multiyear schedule of ITC, with the 30% rate expiring at the end of 2019 and the credit falling in steps to 10% in 2022 for businesses and expiring altogether for individuals.
Solar Energy Industry Association (SEIA) is petitioning the Congress to extend the Section 48 (commercial) and Section 25D (residential properties) of ITC for clean energy resources which contributes to the sustained growth of solar, nationwide.
We at Enphase believe and encourage our fellow patrons and solar energy enthusiasts to provide a unified front by supporting this petition. Let’s join our hands together for a better and greener future.