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Lawmakers reportedly reached a deal on 5 years extension of 30% tax credits for solar energy

solarcity_copper_ridge_schoolU.S. Democrats recently said they were open to a lift of the four-decade-old ban on crude oil exports, if Republicans would allow the bill to include an extension of the federal tax credit for solar installations, which is currently set to decrease from 30% to 10% in 2017.

Reports from earlier this week suggested that Democrats were looking for a 10-year extension, but today we learn that both parties have agreed to a 5-year extension. Expand

SolarCity CEO says the US solar industry could lose 100,000 jobs if the federal tax credit is not renewed

green energy jobs

solarcity_installersSeveral solar companies saw double digits stock price increases on Monday. The surge can be partly attributed to the Paris agreement to curb greenhouse gas emissions, but it was mainly due to reports of negotiation for the renewal of the federal tax credit for solar energy.

Democrats are said to be willing to agree to a lift on the 40-year ban on US crude oil exports, if the bill includes a long-term extension of the wind and solar tax credits. The deal isn’t done, but as the industry is getting closer to the phasing out of the tax credits, which are set to fall from 30% to 10% in 2017, the industry is warning politicians about the impact of inaction. Expand