22.04.2015: The US Solar Energy Industries Association (SEIA) has strongly criticized a report published by the Stanford Graduate School of Business, which claims that the US solar industry could be »headed for a cliff« if the solar Investment Tax Credit (ITC) will not be extended. According to the association, the authors of the report called for a phase down of the ITC without any examination of the current and past tax treatments of established energy sources. »Unfortunately, the report looks at the solar Investment Tax Credit in a vacuum, without any consideration given to the 100-year history of preferential tax treatment enjoyed by fossil fuels,« said SEIA president and CEO Rhone Resch. »Without the ITC in place – Resch added - we do agree with the report’s authors that solar ‘is headed for a cliff,’ putting a decade of progress and tens of thousands of American jobs in jeopardy, while the oil and gas industry will continue to receive nearly $100 billion over a 10-year period in special tax breaks. At the end of the day, America benefits from smart, effective public policies which foster full and fair competition.« In February, the US president Barack Obama asked the Congress to make the Solar Investment Tax Credit permanent. Obama’s fiscal 2016 budget request asks Congress to make tax credits for the solar and wind industries permanent, similar to other existing tax credits. The Republican-controlled Senate and House are not expected to make the solar and wind tax credits permanent, but the president’s request suggests that the tax credits could potentially be extended past 2016. Obama’s proposed $3.99 trillion budget for 2016 includes a request for $7.4 billion for clean energy technologies. The solar ITC is a 30% tax credit for solar systems installed on residential and commercial properties and is one of the most important federal policy mechanisms to support the deployment of solar energy in the US. The ITC was implemented in 2006 and was first extended in 2008. The 30% tax credit is currently set to expire on Dec. 31, 2016. After this date, the tax credit for systems installed at commercial properties is set to drop to 10% and the credit for residential systems to zero. © PHOTON |
Monty Bannerman
ArcStar Energy
+1-646-402-5076
www.arcstarenergy.com
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