CEO DATELINE - Associations urge lawmakers to extend renewable energy tax credit
CEO DATELINE - Associations urge lawmakers to extend renewable energy tax credit
- October 29, 2019 |
- Walt Williams
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More than 70 state and national organizations are urging Congress to pass legislation that would extend a federal tax credit for residential property owners who want to install solar panels, wind turbines and other renewable energy projects.
The Renewable Energy Extension Act would extend a tax credit set to expire in 2022 by another five years. The bill is currently before the U.S. Senate.
In a joint letter, the groups note they represent a wide range of interests, from farmers to individuals concerned about climate change.
"It's not every day that you see higher ed advocates and farm families agree on energy policy," said Abigail Ross Hopper, CEO of the Solar Energy Industries Association. "Extending the Investment Tax Credit is common sense and this effort shows us just how many people, communities, and interests it touches."
The credit has created more than 200,000 solar jobs, led to $140 billion in private investment, and increased solar deployment by more than 10,000%, according to the groups. The extension also would offset additional 363 million metric tons of carbon dioxide emissions, which is equivalent to 21% of all U.S. electricity generation emissions in 2018.
"This credit provides continued support for the innovation and technology we'll need to drive down harmful carbon emissions and create a cleaner energy grid," said Renee Stone, vice president of climate at the National Audubon Society.
Among the national associations that signed the letters are the American Farm Bureau Federation, Distributed Wind Energy Association, National Association of Home Builders, National Association of College and University Business Officers, National Rural Electric Cooperative Association and TechNet.