Renewable Tax Incentives for the Win in Congress
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For the last five years, homeowners and commercial business owners have enjoyed the benefits of the solar investment tax credit. This tax credit (ITC) allows you to deduct 30% of the cost of installing a solar energy system to your property from your federal taxes. This saves the shopper on average about $9,000. Now, House Democrats have drafted a clean energy package to extend this tax credit to wind and energy storage industries as well as add another five-year extension. Not only could this advanced tax credit reduce emissions, it could also create thousands of jobs and boost the economy. Enjoying bi-partisan support in the House, this development makes clean energy accessible and affordable for everyday Americans.
The Growing Renewable Energy and Efficiency Now Act (GREEN) outlines revisions to the tax code that extends the ITC and maintains certain incentives for renewables. According to a poll conducted by Global Strategy Group, nationwide, the support for extending this act is at 89%. The poll was conducted with registered voters from 10 swing states and 25 battleground House districts. GSG saw House and Senate voters across the country unite, regardless of their political background, to support renewable energy and the tax incentives it offers.
Arguments supporting the need for solar incentive extensions saw voters nationwide focusing on improvements in health (50%) and aiding the economy (50%) as the top two most important issues with addressing climate change at 46% of voters.
Broken down even further, at the House level, votes resulted in 49% for improvements in health, with climate change and a more favorable economic outcome at 45% and 43%, respectively. In the Senate districts, voters listed health care for an extension as the most important at 47%, with economic arguments and climate change arguments at 45% and 43%, respectively. GSG’s poll also saw negative attacks against the tax incentive do little damage, where nationwide only 32% said they had no major doubts.
Since its inception back in 2005, the ITC has created over 200,000 solar jobs and has generated over $100 billion in solar investments. With more and more important members of Congress recognizing the very real climate change crisis, this tax package has extensive support. The American people—both Republicans and Democrats—are uniting over this important issue, overwhelmingly supporting the need for clean energy. Continuing this initiative with the tax extension could see a rise in solar energy use throughout the U.S., growing the percentage from 2% to even more in the future.
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