Forecasts by the Solar Energy Industries Association (“SEIA”) and Wood Mackenzie Power & Renewables show that the US would add an additional 82 GW of solar capacity by 2030, if Congress maintains the solar Investment Tax Credit (“ITC”), on top of the 227 GW already expected. 113,000 additional jobs and $87 billion in additional investment are also expected.
The US solar industry and the SEIA are seeking a 5-year extension of the ITC, rather than letting it ramp down from 30% for solar facilities that started construction prior to 2020 to 10% for projects starting construction after 2021, although their forecast assumes the ITC remains at 30% through 2030. The solar industry has long relied on these tax credits for its growth, growing more than 50% since their implementation in 2006 and adding $140 billion in private sector investment in the technology.
Forecast: Solar Tax Credit Extension Would Boost Jobs, Economy and Climate Fight
Solar sector sees tax credit extension adding $87 billion to U.S. economy
Solar tax credit extension would add 82 GW by 2030, SEIA forecasts