Recommendation On Future Policy For The 30 % Solar Investment Tax Credit Essay

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TO: American Public FROM: Schuyler Ream, PPD 225 Student DATE: 11/18/2015 SUBJECT: Recommendation on future policy for the 30% Solar Investment Tax Credit I. EXECUTIVE SUMMARY: Created in the Energy Policy Act of 2005, the 30% Solar Investment Tax Credit (ITC) is the solar industry’s most important and only public policy that supports the deployment of solar energy in the United States to both the residential and commercial sectors. The 30% ITC has been successful in increasing deployment and lowering costs of solar energy. Since the eight-year extension created by the Emergency Economic Stabilization Act of 2008, solar prices have consistently fallen year after year while installation rates and efficiencies have continued to rise, thus equaling the average cost of solar energy dropping by more than 73% and a 6500% annual growth rate since 2006, as reported by an independent analysis done by Bloomberg New Energy and Finance dated September 15, 2015, commissioned by the Solar Energy Industries Association. However, the ITC is set to expire December 31, 2016, and a failure to extend the ITC, according industry experts reported by PR Newswire July 22, 2015, would result in “90 percent of all solar companies going out of business and thousands of jobs lost”. In response to the looming expiration date, Ari Natter, Bloomberg Energy Reporter, reports “the solar industry is launching an all out push starting in 2015 to extend the investment tax credit”. At this point, there are 3

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