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PV Magazine: Senate Bill Would Give Clean Energy Companies Direct Access to Tax Credits

Posted by Tim Sylvia on Mar 26, 2021

PV Magazine highlights AEE's support of a Senate bill that would incentivize renewable energy development by allowing for direct pay of ITCs. The story was also covered by Solar Power World. Read excerpts below and the full article here.

The bill aims to thaw frozen tax-equity markets and help the solar and clean energy sectors recover from the economic effects of the Covid-19 pandemic.

Three senators, Tom Carper (D-Del.), Sheldon Whitehouse (D-R.I.), and Martin Heinrich (D-N.M.), introduced a bill that would allow for temporary refundability of section 45, 45Q, and 48 investment and production tax credits.

The credits provide incentives for the private development of projects such as solar, wind, fuel cells, and carbon capture and sequestration…

The bill would allow clean energy companies to bypass frozen tax-equity markets and access tax credits directly. Doing so, in turn, is expected to help get stalled projects going and create jobs in a sector that has been hit especially hard by the pandemic

News of the legislation was met with approval across the clean energy space, with SEIA, American Clean Power Association, American Council on Renewable Energy, National Wildlife Federation, Advanced Energy Economy, Clean Air Task Force, Consumer Energy Alliance, Sunnova, Intersect Power, Clearway Energy Group, and SunPower all voicing their support…

Read the full article here.

Topics: AEE In The News