The resolution, sponsored by Commissioner Daniella Levine Cava, urges Congress to enact the Renewable Energy Extension Act of 2019. This bipartisan bill would provide a five-year extension of the current 30 percent Solar Investment Tax Credit and a renewable energy tax credit for homeowners and businesses that install solar energy systems.
“The tax credit for solar energy investments is a win for all in our communities and a critical tool in fighting Climate Change,” said Commissioner Levine Cava. “Our businesses and homeowners get credit for their renewable energy investments while we cut our carbon footprint, spark local businesses growth and create good-paying renewable energy jobs.”
The tax credit was first passed in 2005 by a Republican-led Congress and signed into law by President George W. Bush. According to the Solar Energy Industries Association, since 2005, the solar tax credit created hundreds of thousands of jobs, stimulated more than $140 billion in private investment, and helped grow solar deployment by more than 10,000 percent. Without the passage of the Renewable Energy Extension Act, the solar tax credit will begin to expire at the end of this year.