On August 16, 2022, the Inflation Reduction Act (IRA) was signed into law by President Biden after passing both chambers of Congress. This summary reflects what is in the final draft of this legislation.
Strengthening the transmission ITC could further modernize our electricity infrastructure and rapidly deploy renewable energy. This factsheet outlines the impact that lowering the threshold of the transmission ITC would have on clean energy deployment in the U.S.
On August 16, an anonymous group of companies filed tariff circumvention petitions with the U.S. Department of Commerce. If allowed to proceed, these anonymous petitions would cripple the U.S. solar industry and ruin America’s plans to tackle climate change. The U.S. Department of Commerce must exercise its authority to reject these petitions.
SEIA has an ambitious but achievable goal – solar energy will constitute 20% of all U.S. electricity generation by 2030. To reach this target, we must grow our industry by 18% annually and install more than 500 gigawatts (“GW”) of solar projects by the end of 2030, building upon the nearly 100 GW of solar energy capacity that exists today. Achieving the 20% by 2030 goal will result in hundreds of thousands of new jobs, more than 14 million solar rooftops, and 500 million metric tons of avoided CO2 emissions.
President Biden’s climate plan calls for ambitious carbon emissions reductions with an emphasis on environmental justice and well-paying jobs. The solar industry strongly and unequivocally supports all of these endeavors.
COVID-19 is Harming Tax Equity Financing At the outset of the COVID-19 pandemic, we heard scattered reports of medium- and long-term decreases to the availability of tax equity financing, as well as those who faced immediate challenges.
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.
A great way to build a relationship with your elected official and demonstrate how important your company, and the solar industry, is to the community is to invite them to visit your company headquarters. Tours at your facility or a new project site provides a great opportunity for your elected official to meet your employees and to discuss your company’s issues and concerns in depth.