Industry Statement on Proposed Rules for New Section 48 ITC in Solar and Storage

Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA), released the following statement in relation to the proposed rules to implement changes made in the Inflation Reduction Act (IRA) to the Section 48 Investment Tax Credit, as announced by the U.S. Department of the Treasury.

“Solar and storage companies have announced over $100 billion of investments since the Inflation Reduction Act (IRA) was enacted, but this economic growth can’t materialize without clear rules for each provision in the law. Today’s proposal provides more clarity and will help to drive clean energy deployment in the United States.

“One of the best parts of the IRA is its provisions to incentivize energy storage. SEIA secured a crucial win in this proposal that expands eligibility for the Investment Tax Credit to customers that install storage with their solar system.

“Today’s announcement is good news for America’s clean energy economy. However, given the economic headwinds that many solar and storage companies are facing, we are continuing to fully evaluate the details in this guidance to guard against any potential unintended consequences that might undermine our ability to rapidly deploy clean energy projects of all sizes.

“SEIA plans to continue its advocacy at Treasury and with the broader Biden administration to ensure we can capitalize on the historic potential of the IRA and deliver affordable, reliable power to every home and business in this country.”