COVID-19 & the Solar Investment Tax Credit
The Solar Investment Tax Credit Has Spurred Job Creation
- The solar Investment Tax Credit (ITC) is one of the most successful clean energy policies in U.S. history and has helped the industry grow by more than 10,000% since it was enacted in 2006.
- A long-term extension of the ITC was passed by Congress in bipartisan fashion in 2015. This extension included a phasedown schedule that began at the end of 2019. The current 26% credit will step down to 22% at the end of 2020.
- Before the COVID-19 recession, solar companies added more than 150,000 U.S. jobs in the last decade, growing five times faster than the overall economy over the last five years alone. With more time to recover COVID-19 related losses, the solar economy can create jobs again.