After a tense evening where it appeared that neither party might have the votes to pass an omnibus spending bill that includes an extension of the Investment Tax Credit (ITC), the bill passed just after 9:30 AM. The final vote was 316-113.
This means that the legislation, which includes lifting a 40-year ban on oil exports, will now move to the U.S. Senate for approval. The bill was crafted by leadership of both parties, and has the support of U.S. President Barack Obama.
GTM Research, Bloomberg New Energy Finance and IHS all predict substantial increases in the U.S. solar market in coming years if the ITC is extended. The current bill includes an extension of the ITC to 2020, a three-year phase out following this, and the ability for projects to claim the credit levels for the year in which they begin construction.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.