Solar Energy Industries Association Applauds Inclusion of Treasury Section 1603 Program Extension in Senate Tax Compromise

Extending program will drive U.S. solar industry growth and job creation in 2011

The 1603 tax credit has created flexibility for funding renewable energy projects and is fundamental for keeping the solar industry growing in America. The current program has facilitated the construction of more than 1,100 solar projects in 42 states. All of this has been at a minimal cost to the tax payer; the 1603 program has supported $18 billion in investment in new renewable energy projects throughout the country and has created tens of thousands of jobs.  The program has helped the solar industry to grow by over 100 percent in 2010, create enough new solar capacity to power 200,000 homes and double domestic solar employment to more than 93,000 Americans.

The TGP was created by the American Recovery and Reinvestment Act (Section 1603) to provide commercial solar installations with a cash grant in lieu of the 30 percent solar investment tax credit (ITC). President George W. Bush signed the 8-year ITC into law in 2008, but the economic conditions created by the global recession made it clear that few would be able to utilize the tax credit.

So far, the TGP has helped move forward more than 1,100 solar projects in 42 states. A report on the impact of the extension of the TGP by EuPD Research projected it would create 65,000 new U.S. jobs and 5,100 megawatts of solar capacity – enough to power more than 1 million households.

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Source Materials
SEIA policy overview of Treasury Grant Program: http://seia.org/cs/federal_issues/treasury_grant_program
Fact sheet on TGP and job creation: http://www.seia.org/galleries/FactSheets/Factsheet_TGP.pdf
Summary of solar projects awarded a Treasury Grant:
The Solar Foundation National Solar Jobs Census 2010: http://www.thesolarfoundation.org/sites/thesolarfoundation.org/files/Final%20TSF%20National%20Solar%20Jobs%20Census%202010%20Web%20Version.pdf