The Home of Representatives on July 3 handed the final version of a budget reconciliation bill that takes purpose at photo voltaic and wind vitality in favor of fossil fuels. The invoice now on the president’s desk will finish the residential photo voltaic tax credit score on the finish of this yr and add new part restrictions to large-scale tasks that start building after 2025.
There’ll probably be a mad sprint for builders to start out building on photo voltaic tasks by the top of the yr to keep away from provide chain restrictions. Learn our Q&A with a Baker Tilly tax expert on the implications of those main modifications.
Abigail Ross Hopper, president and CEO of SEIA, issued the next assertion in response to the invoice’s passage:
“The invoice being despatched to the president’s desk immediately is a big step backwards for our nation’s vitality financial system at a time after we can least afford it. Within the face of rising vitality prices, world instability, and rising demand for energy, Congress has turned its again on the very industries which might be including nearly all of the brand new electrical energy producing capability to the grid.
“America is within the midst of an vitality manufacturing growth, with new photo voltaic and storage factories opening throughout the nation due to the forward-looking coverage this regulation will upend. Now many of those model new factories will probably be compelled to close down and lay off 1000’s of staff, gutting communities that have been lastly seeing the type of industrial revival rural America wants and handing an premature and strategic victory to China.
“Whereas this invoice averted some very damaging provisions, it’s deeply disappointing to see partisan politics outweigh sensible pro-growth options that serve all People. Photo voltaic and storage are America’s finest guess to decrease vitality prices, construct long-term vitality resilience, and break away from the grip of overseas vitality dependence. It’s particularly disheartening to witness the full disregard for the 1000’s of small companies within the residential photo voltaic sector that got solely months to reinvent themselves.
“No matter what occurs in Washington within the coming months and years, markets will proceed to drive outcomes. The photo voltaic and storage trade is resilient, and SEIA will hold combating on daily basis for sensible, steady, business-friendly insurance policies that ship on genuine and true American vitality independence,” she continued.
