Renewable Energy Tax Credit News Briefs – February 2020

Monday, February 10, 2020

Renewable Energy Briefs

Rep. Tom Reed, R-N.Y., and five colleagues introduced the Energy Sector Innovation Credit Act of 2019. The legislation, H.R. 5523, would create a technology-neutral tax credit for clean energy production and storage. It would create a tax credit for 30 percent of the basis of any qualified emerging energy property placed in service during a taxable year. The bill would also create a production tax credit ranging from 30 to 60 percent, depending on the type of facility. Reed introduced a similar bill in 2018.

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The Solar Energy Industries Association (SEIA) announced in a press release Dec. 12, 2019, that the third quarter of 2019 presented a record high for the solar market with 712 megawatts or solar installed. This information is according to the latest U.S. Solar Market Insight report from Wood Mackenzie Power & Renewables and SEIA. The report also found an increase in residential solar, which helped the U.S. solar market grow 45 percent and contributed to 15 states having their best quarter for residential solar. California continues to be the largest residential solar market and according to the report, power shutoffs in California and national coverage of the issue renewed demand for solar and power storage solutions in California and other states. The continued growth and success of solar in the U.S. is due largely to the investment tax credit.

 

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Renewable Energy Tax Credits
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