Continuing on its record-breaking trajectory, the United States solar industry surpassed 20 gigawatts (GW) of total operational solar photovoltaic (PV) capacity during the second quarter of this year. According to GTM Research and the Solar Energy Industries Association’s (SEIA) Q2 2015 U.S. Solar Market Insight Report, the U.S. installed 1,393 megawatts[i] of PV last quarter, showcasing both annual and quarterly growth.
Investment Tax Credit (ITC)
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U.S. Solar Market Insight™ is a collaboration between the Solar Energy Industries Association® (SEIA®) and GTM Research that brings high-quality, solar-specific analysis and forecasts to industry professionals in the form of quarterly and annual reports. Released September 9, 2015.
Solar energy is on the rise in the United States. At the end of the first quarter of 2015, more than 21,300 megawatts of cumulative solar electric capacity had been installed around the country, enough to power more than 4.3 million homes. The rapid growth of solar energy in the United States is the result of forward-looking policies that are helping the nation reduce its contribution to global warming and expand its use of local renewable energy sources.
North Carolina became the fourth state in the nation to top 1,000 megawatts (MW) of installed solar capacity during the first quarter of 2015. Today, North Carolina trails only California, Arizona and New Jersey in total installed solar capacity, according to the recently released U.S. Solar Market Insight Report compiled by GTM Research and the Solar Energy Industries Association (SEIA). But despite the state’s rapid progress, solar industry leaders are warning that attempts to freeze North Carolina’s renewable portfolio standard (RPS) will hurt solar growth, as well as the state’s economy.
In an effort to expand awareness of the importance of diversity in the workplace – as well as solar energy’s growing contributions to the economy and environment – the Solar Energy Industries Association (SEIA) has become one of the first national trade associations to feature a Spanish-language section on its website.
Saying it will provide a big boost to the U.S. economy, while also helping to fight pollution and climate change, the Solar Energy Industries Association (SEIA) announced its support today for legislation by Rep. Mike Thompson (CA-5) to extend the Investment Tax Credit (ITC) for both residential and commercial solar installations.
Calling it important to America’s energy future, the Solar Energy Industries Association (SEIA) announced its strong support today for legislation to create a national Renewable Electricity Standard (RES). Introduced by U.S. Senators Tom Udall (D-N.M.), Edward Markey (D-Mass.), Martin Heinrich (D-N.M.), Michael Bennet (D-Colo.), Jeff Merkley (D-Ore.), Sheldon Whitehouse (D-R.I.) and Mazie K. Hirono (D-Hawaii), the bill will help to create thousands of new American jobs, save consumers and businesses money and reduce pollution by requiring utilities to generate 30 percent of their electricity from renewable energy sources by 2030
Federal tax policies have been an important driver for solar’s recent remarkable growth, but without action during the 114th Congress, the 30-percent investment tax credit (ITC) for solar and other clean energy technologies will expire at the end of 2016. This policy brief estimates the impacts that current law would have on the solar industry.
A new study released today by the Stanford Graduate School of Business predicts that the U.S. solar industry is “headed for a cliff” if the solar Investment Tax Credit (ITC) is not extended. Even though the report touts the solar industry’s “dramatic growth,” it called for a phase down of the ITC without any examination of the current and past tax treatments of established energy sources. Rhone Resch, president and CEO of the Solar Energy Industries Association (SEIA), called that omission a “fatal flaw” which ignores how Congress has used the U.S. Tax Code over the past century to encourage the increased production of oil, gas, coal and even nuclear power, making it difficult for solar and other renewable energy sources to compete in the marketplace without incentives.
This policy brief estimates the impacts that current law would have on the solar industry. It also formulates several policy alternatives and estimates their effectiveness at mitigating the negative impacts of the investment tax credit cliff embedded within current law.