Finance, Regulation, Solar - October 23, 2019
Mayors urge Congress to extend solar tax credit
A group of 231 mayors from across the country sent a letter to Congress Oct. 22 in support of the Renewable Energy Extension Act, which would allow a five-year extension of the solar Investment Tax Credit.
The tax credit was first introduced in 2005, providing a deductible from federal taxes equivalent to 30% of the cost of installing a solar project, according to a report by EnergySage. The program has since been extended multiple times.
The bipartisan coalition of mayors advocating for the extension includes those from 28 cities that have 100% renewable energy commitments.
“As the nation’s largest municipal user of renewable energy, Houston understands that sustainability and resiliency go hand in hand,” Sylvester Turner, mayor of the City of Houston, said in a statement. “Continuing to support the growth of renewable energy will help the U.S. lead the energy transition, reduce greenhouse gas emissions, and build smarter, more resilient communities.”
The ITC is currently scheduled to expire at the end of 2019. The Solar Energy Industries Association reported that since its initial passage, the tax credit has created more than 200,000 American jobs and grown solar deployment by 10,000%.
“Our organization has committed to transitioning to 100 percent renewable energy by 2035, and by 2050 community-wide,” Mayor Louis Brown of Largo, Fla., said in a statement in support of the initiative. “The solar Investment Tax Credit (ITC) is a necessary tool that strengthens the ability of our residents and business owners to make this transition, particularly for the most vulnerable across our community.”
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