According to the Solar Energy Industries Association (SEIA), the solar Investment Tax Credit (ITC), enacted in 2006, has created over 200,000 jobs and $140 billion in private sector investment. However, the ITC is scheduled to begin a “slow down” period at the end of this year and end completely soon after. As a result, there has been a growing push nationwide from a number of sectors to extend the ITC, including a bipartisan group of 231 U.S. mayors, urging Congress for a five-year extension.
In a letter to Congress sent Oct. 22 the group expressed support for HR3961 and S2289, two bills currently in Congress designed to extend the solar ITC for five years.
The mayors say their communities, including residents and local businesses, have increasingly supported and seen rewards from investments in renewable energy, including solar technology.
The letter states, “Year after year, we have seen the number of solar installations grow in our towns and cities. Adoption of renewable energy has accelerated as a result of policies such as the Investment Tax Credit, which has made it possible for more people, in more places, to choose solar energy and lower electric bills.”
The mayors also mentioned job and economic growth for their support of the credit, mentioning that the Bureau of Labor Statistics ranks “solar installer” as one of the fastest growing jobs in the country and citing data publicized by SEIA, which states since the ITC was enacted in 2006, the U.S. solar industry has created more than 200,000 jobs and $140 billion in private investment in the United States.
The group wrote, “For the growth of our local economies, we need this momentum to continue.”
The SEIA says if the extension occurs, it could create 113,000 more jobs and add $87 billion in economic investment between now and 2030.