SACRAMENTO, Calif. — California Governor Gavin Newsom signed SB 1340 into law yesterday, extending the state’s property tax exclusion for solar projects for two years and providing near-term certainty for America’s largest solar market.

Following is statement from Rick Umoff, senior director and counsel, California, at the Solar Energy Industries Association:

“Governor Newsom’s signature on this two-year tax exclusion will help ensure solar and storage projects continue providing clean, reliable power to California at a time of unprecedented stress on the state’s electric grid. With incentives in the Inflation Reduction Act, California’s solar market is expected to nearly double in size over the next five years to 61.5 gigawatts of electricity generation capacity. This growth requires tens of thousands of workers and billions of dollars of private investment, and companies now have near-term tax certainty to ensure these investments are made in the California communities that rely on a robust clean energy economy.

“The solar and storage industry thanks Senator Hertzberg and dozens of clean energy champions in the Legislature for recognizing the importance of this exclusion and getting it extended. SEIA now turns its focus to securing a well-rounded energy policy in California that strengthens every sector of this critical industry.”