Community Solar Sees Exponential Impact from ITC Extension
December 29, 2020 | Globe NewswireEstimated reading time: 1 minute
The solar industry and its associated “green” jobs gained a stronger future with the extension of the Investment Tax Credit (ITC) as part of the newest stimulus deal passed in congress. The 26% two-year extension for solar investment along with added funding for research and development, will have a dramatic impact on companies, their ability to maintain employment levels and the direct costs for individuals.
David Amster-Olszewski, CEO of SunShare, the nation’s largest residential community solar developer said, "The extension of the tax credits will allow companies like ours to continue bringing solar to communities at better costs. For many projects, the difference in tax credits determines whether a project is even built or not. For every $100 Million dollars invested in solar, the tax credit provides $26 Million dollars, so the health and extension of these credits cannot be underestimated in powering the transition to 100% renewable energy."
The community solar industry has been a major economic driver in many locations, including rural communities where community solar garden construction and long-term land leases are adding jobs and income stability for many people impacted by the dual issues of COVID as well as oil and gas drilling reductions. Several counties like Adams, Arapahoe and Jefferson, CO are streamlining the approval and permitting protocols to help attract community solar garden development because of the value to the communities.
Community solar is a solar farm, not owned by the utility company that provides electricity through the existing power grid. Instead of putting panels on a roof, households and businesses simply subscribe to a portion of the energy produced in the community solar garden. The utility continues delivering energy to the home or business, and the subscriber receives solar credits on their electricity bill.
Updated regulations such as Colorado’s Community Solar Garden Modernization Act have also allowed energy generation from gardens to be used for subscriptions across the state, shortening waitlist times to gain a subscription from years to days.
Suggested Items
The New Chapter: Attracting ‘Generation Green’
03/28/2024 | Hannah Grace & Paige Fiet -- Column: The New ChapterIn the electronics industry, we talk a lot about sustainability in terms of recruitment and retention of the next generation of engineers. But what if the key to sustaining the industry long into the future is through the more common definition of the word? What if, for just a moment, we think about sustainability in terms of the environment and what we as an industry are doing to care for it? Because, if you weren’t aware, Gen Z cares tremendously about the environment and the actions companies are taking to preserve it. Without Gen Z joining the electronics industry’s workforce, we won’t be able to sustain the industry for much longer.
Bürkle North America and Schmoll Maschinen Separating After 20 Years
03/25/2024 | Burkle North AmericaBürkle North America and Schmoll Maschinen, two leading companies supplying state-of-the-art equipment to Printed Circuit Board manufacturers, have announced an amicable separation, effective April 3.
Intel, Arm Team Up to Power Startups
03/25/2024 | IntelIntel and Arm have signed a memorandum of understanding that finalizes the Emerging Business Initiative, their collaboration to support the startup community.
EV Tech OEM Indigo Technologies Closes Strategic Investment From Foxconn To Accelerate Its Smart EVs Solutions
03/25/2024 | PRNewswireIndigo Technologies, a robotics focused Smart EV OEM with breakthrough road sensing SmartWheels™ invented by team out of MIT, today announced it has received a strategic investment from Hon Hai Technology Group (Foxconn).
Catching Up With Jove PCB’s Cameron Burke
03/20/2024 | Dan Beaulieu, D.B. Management GroupCameron Burke is the North American director of sales at Jove PCB, who despite his young age, has been in the PCB business for many years because his grandfather was a New England PCB sales rep who took Cameron under his wing. It’s a good story.