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.
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.