Rep. Mike Thompson (CA-5) has introduced H.R. 2412, the New Energy for America Act, which would extend Section 25D of the federal tax code for residential energy efficient property, as well as the Section 48 commercial investment tax credits (ITC) through 2021.
In introducing his legislation, Congressman Thompson, a senior member of the House Ways and Means Committee, said a five-year extension of the ITC will give the solar industry time to reach “grid parity” in most US electricity markets.
The Solar Energy Industries Association (SEIA) announced its support for the legislation, saying it will provide a boost to the US economy, while also helping to fight pollution and climate change.
The SEIA cited the following economic and environmental benefits that have been realized as a result of the solar ITC:
The New Energy for America Act would also extend the ITC credits for other clean energy technologies, such as fuel cells, stationary microturbines, combined heat and power, small wind and geothermal heating and cooling.
H.R. 2412 has been referred to the House Committee on Ways and Means.