The ITC is a bipartisanly supported 30% tax credit for solar systems on residential and commercial properties. On January 1st 2020, the ITC dropped off to 26%. The commercial credit can be applied to both customer-sited commercial solar systems and large-scale utility solar farms. The ITC has helped the U.S. solar industry grow by more than 10,000% since it was implemented in 2006, with an average annual growth of 50% over the last decade alone. With minor changes to the ITC in the short-term, our industry can recover job losses and assure stability for the industry moving forward.
We love solar and we ask you to consider adding your company to this joint sign-on letter to Senator Thom Tillis, asking the senator to support a delay in the phase down of the Investment Tax Credit (ITC), as well as a temporary provision to allow direct payment of the ITC. The coronavirus pandemic has made this more important as solar is a growth industry resistant to economic cycles, creating good quality jobs, local tax income and wealth. With the right policies in place, solar companies can help rebuild the American economy faster and stronger than before.