The U.S. Department of the Treasury has issued its final rules for the Section 48E technology-neutral Energy Investment Tax Credit (ITC).
Below is a statement from Abigail Ross Hopper, President and CEO of the Solar Energy Industries Association (SEIA):
“The United States must adopt an all-of-the-above energy strategy to meet surging demand for electricity across the country. This tax credit is critical for driving investments in American-made energy projects across a range of technologies, particularly solar, which is adding more capacity to the energy grid than any other fuel source.
“American solar and storage companies are investing hundreds of billions of dollars to build energy projects that power our country, including major infrastructure like data centers and manufacturing plants. The technology-neutral energy tax credit provides the long-term policy certainty companies need to invest in U.S. energy innovation and that, in turn, creates a stronger foundation for our energy security as well as thousands of well-paying jobs.
“Over the next five years, the U.S. solar and storage industry will add more than 200 GW of new capacity to the grid, nearly doubling its current size. This growth is delivering an economic and jobs boom across the country and creating the conditions for the massive growth we’re seeing in American solar manufacturing.
“Critically, this tax credit further incentivizes solar and storage projects to use U.S.-made components like solar modules, trackers, and batteries. Attempts to revoke these rules will only make it easier for China to win the race for global solar market dominance while killing American jobs and much needed economic opportunity. “We urge lawmakers to protect these tax credits to drive job growth and continue to buildout American-made clean energy.”
