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Senators Introduce Bill Providing Tax Credits for Solar Manufacturers
Four senators led by Sen. Jon Ossoff, D-Georgia, introduced Monday the Solar Energy Manufacturing for America (SEMA) Act in an effort to spark domestic solar manufacturing, speed the transition to clean energy and propel America toward greater energy independence. The bill introduced by Ossoff along with Sens. Raphael Warnock, D-Georgia, Michael Bennet, D-Colorado, and Debbie Stabenow, D-Michigan, would provide tax credits to manufacturers throughout the solar manufacturing supply chain, including polysilicon production to photovoltaic cells to fully assembled solar modules. The credit would be available through 2028 with a phasedown through 2030 and also fully refundable. The legislation would create tens of thousands of jobs, according to an analysis from the National Renewable Energy Laboratory (NREL). Ossoff also released a fact sheet on the legislation.
Novogradac’s Renewable Energy team provides service to renewable energy developers and investors.