Solar and Storage Industry Statement on New Section 48 ITC Proposed Rules
Friday, Nov 17 2023
WASHINGTON, D.C. — Today the U.S. Department of the Treasury issued proposed rules to implement changes made in the Inflation Reduction Act (IRA) to the Section 48 Investment Tax Credit.
Following is a statement from Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA):
“Solar and storage companies have announced over $100 billion of investments since the Inflation Reduction Act (IRA) was enacted, but this economic growth can’t materialize without clear rules for each provision in the law. Today’s proposal provides more clarity and will help to drive clean energy deployment in the United States.
“One of the best parts of the IRA is its provisions to incentivize energy storage. SEIA secured a crucial win in this proposal that expands eligibility for the Investment Tax Credit to customers that install storage with their solar system.
“Today’s announcement is good news for America’s clean energy economy. However, given the economic headwinds that many solar and storage companies are facing, we are continuing to fully evaluate the details in this guidance to guard against any potential unintended consequences that might undermine our ability to rapidly deploy clean energy projects of all sizes.
“SEIA plans to continue its advocacy at Treasury and with the broader Biden administration to ensure we can capitalize on the historic potential of the IRA and deliver affordable, reliable power to every home and business in this country.”
The Solar Energy Industries Association® (SEIA) is leading the transformation to a clean energy economy, creating the framework for solar to achieve 30% of U.S. electricity generation by 2030. SEIA works with its 1,000 member companies and other strategic partners to fight for policies that create jobs in every community and shape fair market rules that promote competition and the growth of reliable, low-cost solar power. Founded in 1974, SEIA is the national trade association for the solar and solar + storage industries, building a comprehensive vision for the Solar+ Decade through research, education and advocacy. Visit SEIA online at www.seia.org and follow @SEIA on Twitter, LinkedIn and Instagram.
Morgan Lyons, SEIA's Director of Communications, [email protected]