Lawmakers urge clean energy tax credits
A group of lawmakers recently advocated for continuing the Investment Tax Credit (ITC) and residential renewable energy tax credit, maintaining the effort is essential to the nation’s solar industry growth.
Sens. Dianne Feinstein (D-CA) and Catherine Cortez Masto (D-NV) spearheaded a delegation of 19 Democratic senators encouraging leaders to prioritize and preserve existing clean energy tax credits to guard against intensifying climate change and protect the 240,000 solar industry jobs in America that could be impacted if these tax credits are not renewed.
“As the Senate Finance Committee and Congress considers extending expired and expiring tax incentives and investments in our nation’s aging infrastructure, we should prioritize extending clean energy tax incentives that are set to phase down at the end of this year,” the senators wrote. “The ITC and residential renewable credits have a very strong track record of fueling solar deployment, jobs, and carbon reductions.”
The legislators attribute solar energy’s average 50 percent annual growth over the last decade to the credits. In order to continue amplifying renewable energy growth and a meaningful transition to clean energy, utilization needs to continue policies proven to drive investment or otherwise pass new policies that dis-incentivize carbon emissions.
“We hope that in light of the urgency of addressing climate change, you are able to join us in prioritizing the continuation of clean energy tax incentives and avoid a situation in which our country is left without any major federal policy encouraging solar and other renewable energy generation investments,” the lawmakers concluded.
