New Study Shows Extending Solar Tax Credits Will
Create Jobs, Increase Investment
Sep 15 - PRNewswire
A new economic study issued today by Navigant Consulting, Inc., shows that
more than 1.2 million employment opportunities, including 440,000 permanent
jobs, and $232 billion in investment would be supported in the U.S. by the
solar energy sector alone through 2016 if Congress extends the solar
investment tax credit (ITC) for 8 years.
"By extending the solar investment tax credits, Congress can provide an
immediate boost to the floundering U.S. economy by creating hundreds of
thousands of jobs and injecting billions of dollars of new investment
capital into the economy, while at the same time driving down energy costs
for consumers," said Rhone Resch, president of the Solar Energy Industries
Association (SEIA), based in Washington, D.C. "The solar energy industry
creates jobs that are the foundation of our economy -- jobs for
manufacturers, construction workers, engineers, roofers, electricians, and
plumbers. These jobs are needed now and Congress is in a position to extend
the ITC and ensure that these jobs are created here in the U.S."
According to the study, by 2016, the solar energy industry would create
440,000 permanent U.S. jobs with much of the direct growth occurring in
domestic manufacturing, construction and the trades. This figure reveals the
strength of the solar job creation engine when compared to the current
79,000 direct employees of the coal mining industry and the 136,000 direct
employees in oil and gas extraction.
"There is the potential to create significant U.S. employment and investment
opportunities," said Jay Paidipati, Managing Consultant at Chicago-based
Navigant Consulting, Inc. "An 8-year extension of the ITC would allow the
market to maintain or possibly exceed its current growth rate."
Because solar energy components are manufactured near its markets, extending
the ITC would create manufacturing and installation jobs in all 50 states.
The states that would enjoy the largest economic boost are California,
Florida, Arizona, New Mexico, Nevada, New Jersey, Massachusetts, New York,
Oregon, and Washington.
Similarly, the economies of Pennsylvania, Michigan, Ohio and the rest of the
Great Lakes region would grow significantly from solar energy if Congress
passes the ITC extension. This area of the country has suffered greatly from
a huge decline in jobs in the automotive and traditional manufacturing
industries.
"In the next week Congress will be voting on energy tax legislation and we
strongly urge Congress to seize this opportunity to extend the solar
investment tax credit for 8 years now before leaving for the campaign
trail," said Resch.
Full Press Release: http://seia.org/cs/news_detail?pressrelease.id=153 Full
Study: http://seia.org/galleries/pdf/Navigant%20Consulting%20Report%209.15.08.pdf
Background Materials:
Senate Voting Record on Solar ITC (http://seia.org/galleries/default-file/Senate_Energy_Votes_110_Congress.pdf)
House Voting Record on Solar ITC (http://seia.org/galleries/default-file/House_Energy_Votes_110_Congress.pdf)
Full Navigant Consulting Report (http://seia.org/galleries/pdf/Navigant%20Consulting%20Report%209.15.08.pdf)
Examples of Companies, Business Affected (http://seia.org/galleries/default-file/ITC_Fact_Sheet_7_25_08.pdf)
State Fact Sheets (http://seia.org/cs/state_fact_sheets)
Solar Energy Industries Association
CONTACT: Monique Hanis, +1-202-682-0556 ext. 3, mhanis@seia.org, orJared
Blanton, +1-202-682-0556 ext. 96, jblanton@seia.org; or Brian Mahar ofTiger
Communications, +1-703-302-8393, bmahar@tigercomm.us, all for SolarEnergy
Industries Association
Web site:
http://seia.org/cs/news_detail?pressrelease.id=153 |