Solar energy is the most impactful renewable technology we have to invest in local communities and address climate change. The solar Investment Tax Credit (ITC) is one of the most successful bipartisan clean energy policies ever passed and has helped build a robust solar industry in the United States. It also enjoys overwhelming public support, with 89% of Americans favoring an extension.
According to the Solar Energy Industry Association (SEIA) 2019 Solar ITC Impact Analysis, over the next 10 years, the ITC will bring additional deployment of solar, decrease carbon emissions and increase the number of solar jobs and economic investment.
- With an ITC extension, annual investment in solar would reach $41 billion by 2030, more than 141% greater than the $17 billion invested in 2018.
- An ITC extension would offset an additional 363 million metric tons of CO2 emissions over the next 10 years, equivalent to 21% of all emissions from U.S. electricity generation in 2018.
- By 2030, annual offsets will be equivalent to taking 77 million cars off the road or eliminating the emissions from 93 coal plants.
- The 82 GW of additional capacity spurred from an ITC extension is enough to power more than 15 million American homes.
When:
We need to take action right now. Despite its success, the ITC is currently scheduled to begin phasing out at the end of 2019, with the first step-down to 26% (tax credit covering project costs) happening in 2020.
What:
Urge your federal representatives to ensure the solar ITC is extended before the end of the year.
Take action today
