WASHINGTON — SolarCity urged Congress to swiftly pass comprehensive legislation that includes an extension of the Investment Tax Credit (ITC) for solar.
The provision, included in sweeping appropriations and tax bills introduced by House Speaker Paul Ryan today, is the result of weeks-long bipartisan negotiations between Senate and House leaders.
The proposed legislation would follow on the heels of the historic global climate agreement in Paris, where 195 countries committed to tackle climate change and galvanize greater investment in clean energy.
Consistent, long-term policies supporting solar energy, along with other clean energy sources, are critical to the growth of a lower-carbon economy. This week, analysts told the National Journal that lifting the ban on crude oil exports would have a negligible impact on U.S. carbon emissions, while greater support and certainty for solar could more than double the nation’s total installed solar capacity.
“On behalf of over 15,000 employees here in the U.S. and nearly 300,000 customers, SolarCity applauds the bipartisan agreement that prioritizes the growth of solar in the United States,” said SolarCity CEO Lyndon Rive. “Using clean energy is the most important step an individual can take to address climate change and protect future generations. Combined with the historic Paris climate agreement, long-term certainty for the ITC sends a strong signal to the marketplace that investment in clean energy is the right way to drive continued economic growth and job creation. We urge Congress to act quickly to enact the measure.”
The ITC, which was set to expire at the end of 2016, is a 30% federal tax credit for businesses (under Section 48 of the tax code) and homeowners (under Section 25D) to incentivize installation of solar energy systems, fuel cells, combined heat and power systems, microturbines, small wind systems, and geothermal heat pumps.
Since its creation in 2006, the ITC has delivered job growth, cost reductions, and domestic energy deployment across the country.
SolarCity (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 19 states.