House approves spending bill with ITC extension

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.