U.S.-China Trade Dispute Threatens Solar Growth
Their bipartisan legislation would allow America's solar energy companies to make full and effective use of the Investment Tax Credit (ITC).
WASHINGTON, DC – Calling it "critically important," the Solar Energy Industries Association (SEIA) is applauding "commence construction" legislation introduced today by Sen. Michael Bennet (D-CO) and Sen. Dean Heller (R-NV). Their bipartisan legislation would allow America's solar energy companies to make full and effective use of the Investment Tax Credit (ITC).
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"This legislation is critically important to the continued growth of solar energy in America," said Rhone Resch, president and CEO of the Solar Energy Industries Association (SEIA). "Senator Bennet and Senator Heller have been long-time champions of solar, which today is the fastest-growing source of renewable energy in the United States, providing jobs for nearly 143,000 Americans and pumping tens of billions of dollars into the U.S. economy. We applaud both of them for their strong, steady leadership. We also look forward to working with them on ways to create even more jobs, bolster local economies and protect our environment."
Because renewable energy projects require a multi-year time frame, there is growing concern that some planned solar developments – especially larger utility-scale projects – may be ineligible to qualify for the ITC due to its placed-in-service requirement, forcing their cancellation. The bipartisan legislation introduced today would allow companies to qualify for the ITC if their projects are under construction before the law's expiration date at the end of 2016.
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