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PRITZWALK, GERMANY - SEPTEMBER 12: A photovoltaic cell lies on a table at the Aleo factory on September 12, 2012 in Pritzwalk, Germany. Aleo, which is owned by German engineering group Bosch, is fairing better than many of its competitors but a spokesman admitted the company is also suffering from the gradual reduction of the feed-in compenstation rates set by the German government, which gurantee fixed prices for electricity delivered into the German electricity grid. Several other solar industry firms in eastern Germany, including Q.Cells, Sovello and Solarwatt AG, have gone into bankruptcy this year. Aleo mainly produces solar panels installed on the roofs of residential houses. (Photo by Sean Gallup/Getty Images)

Surge in Solar Ahead

Solar power expected to have explosive growth with new tax credits.

Solar power investments around the country will grow a staggering $132 billion over the next four years as a result of the recent extension of the investment tax credit by Congress.

Rhone Resch // SEIA

 

That investment will create 220,000 new jobs between 2016 and 2020, Rhone Resch, president and chief executive of the Solar Energy Industries Association, told a U.S. Energy Association briefing in Washington last Thursday.

The federal tax credit was extended at 30 percent through the end of 2019. It declines to 26 percent in 2020 and 22 percent in 2021. After that, it expires from homeowners.

Resch said the tax credit will spur the addition of 72,000 megawatts of solar generation from 2016-2020, 25,000 megawatts more than would have been deployed without the tax credit.

This year, 13,000 megawatts of solar be added to the generation mix – double the amount of 2015 and half the total solar capacity cranking out power today, Resch said. Last year, proponents of renewable power feared that the incentives would not be renewed by a Republican-controlled Congress.

The Energy Times is leading The California Renewables Rush, a landmark executive renewable energy conference, in San Francisco on April 6.

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