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Renewable Energy Tax Credit News Briefs – February 2018

Solar Energy Industries Association (SEIA) and GTM Research announced the release of the U.S. Solar Market Insight, Q4 2017 Dec. 14, 2017. The report stated that total installed U.S. photovoltaic (PV) capacity is expected to more than double over the next five years and that by 2022, nearly 15 gigawatts (GW) of PV capacity will be installed annually. In addition, SEIA reported that in Q3 2017, the U.S. market installed 2,031 MWdc of solar PV, a 51 percent decrease compared to Q3 2016. GTM Research forecasts that 11.8 GWdc of new PV installations will come online in 2017, down 22 percent from a record-breaking 2016. SEIA reported that the U.S. installed more than 2 GW of solar PV in the third quarter of 2017, despite experiencing higher prices across all market segments and major policy uncertainty. The report also states 4 GW of utility-scale PV projects are under construction across the nation and GTM Research forecasts an additional 3.9 GW will come online by the end of the year. 

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SEIA Jan. 9 commended the New Jersey Legislature for passing Senate Bill 2276. The bill raises the state’s solar energy goal and will also enable the state’s solar industry and its workforce to continue growth. The bill updates New Jersey’s renewable portfolio standard goal to require 5.3 percent of the state’s electricity to come from solar by 2022, up from 4.1 percent. SEIA will work with the New Jersey Board of Public Utilities, the new state administration and other stakeholders to develop a long-term solar strategy. Sean Gallagher, SEIA’s vice president of state affairs, said in a press release that the New Jersey solar market supports 6,000 jobs and is delivering economic and environmental benefits throughout the state, making it a national leader. He added that this legislation is critically important for preserving that growth.

Journal Category:

Renewable Energy Tax Credits

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