COVID-19 is Harming Tax Equity Financing At the outset of the COVID-19 pandemic, we heard scattered reports of medium- and long-term decreases to the availability of tax equity financing, as well as those who faced immediate challenges.
The Solar Investment Tax Credit Has Spurred Job Creation The solar Investment Tax Credit (ITC) is one of the most successful clean energy policies in U.S. history and has helped the industry grow by more than 10,000% since it was enacted in 2006. A long-term extension of the ITC was passed by Congress in bipartisan fashion in 2015. This extension included a phasedown schedule that began at the end of 2019. The current 26% credit will step down to 22% at the end of 2020. Before the COVID-19 recession, solar companies added more than 150,000 U.S.
A great way to build a relationship with your elected official and demonstrate how important your company, and the solar industry, is to the community is to invite them to visit your company headquarters. Tours at your facility or a new project site provides a great opportunity for your elected official to meet your employees and to discuss your company’s issues and concerns in depth.
Major U.S. businesses are choosing solar at a rapid rate to power their operations. SEIA’s Solar Means Business Report tracks a variety of commercial solar installations, including the top 25 corporate solar users, many of whom are Fortune 500 companies.
The United States faces a momentous election in 2020. Regardless of the outcome, 2021 will be a pivotal time for the federal government to take steps that increase the deployment of renewable energy, address climate change, and create economic opportunity nationwide. The onset of COVID-19 has brought into sharp relief the need for long-term thinking on workforce development, infrastructure, resilience, equity and economic recovery. The U.S. can address all of these needs by investing in a clean, affordable electricity system.
We can rebuild our economy better than before by enacting commonsense policies that spur longterm growth for solar, including modifying the solar Investment Tax Credit (ITC), streamlining the permitting process for solar projects, supporting domestic manufacturing of clean energy technologies, and investing in our nation’s electricity infrastructure. Investing in solar energy can create hundreds of thousands of jobs while addressing climate change and lowering costs for consumers.
As Congress looks to put Americans back to work in response to the COVID-19 crisis, the clean energy economy offers an enormous opportunity. Clean energy industries such as solar were among the fastest-growing sectors of the economy before the pandemic hit, with significant potential to create new jobs and spur the investments that are needed to put the U.S. back on track.
The coronavirus pandemic has caused more than 72,000 solar workers to lose their jobs and economic uncertainty remains. But with the right policies in place, solar companies can help rebuild the American economy faster and stronger than before. This factsheet lays out the impacts of the COVID-19 crisis on U.S. solar workers, the industry's vision for economic recovery and how Congress can support the clean energy economy. For additional resources and updates on the COVID-19 crisis, click here.
It is always a difficult decision to furlough or lay off employees. As the COVID-19 crisis deepens, there may be increased need for solar companies to carefully address these challenges. To help companies navigate the process, SEIA has developed this brief overview on what companies should consider. The overview will touch on the differences between furloughs and layoffs and guidance and steps in making these hard choices.
SEIA is advocating strongly for legislation which would provide much-needed assistance to the 75% of solar companies that are small businesses. Learn more about Congressional action and upcoming legislation in the attached factsheet.