Navigant Report Highlights Job Impact of Extension of Solar Tax Credits
September 15 , 2008 – Navigant Consulting released an independent study analyzing the economic impact of extending solar investment tax credits on the U.S. economy. The study 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.
Key findings include:
• In the solar industry alone, extending the 30 percent investment tax credit could result in 1.2 million new job-years by 2016.
• The solar industry creates high quality domestic jobs. The greatest growth will occur in new manufacturing, construction, and engineering jobs, and in the roofing, electrical, and plumbing trades.
• By 2016, the solar energy industry would create enough direct, indirect, and induced activity to support 440,000 jobs.
• Extending the solar investment tax credits would increase domestic investment in the solar industry by $232 billion by 2016.
• Solar energy could produce more than 28 gigawatts of power by 2016 (enough to power 7 million homes) if Congress succeeds in passing an 8-year extension of the 30 percent tax credit before it expires.
• Solar energy manufacturing and installation jobs are spread across the U.S. The states that would see the greatest economic boom from an extended tax credit are California, Florida, Arizona, New Mexico, Nevada, New Jersey, Massachusetts, New York, Oregon, and Washington.
• Also, Pennsylvania, Michigan, Ohio and the rest of the Great Lakes region would benefit significantly from an expansion of the solar industry, an area hard-hit by layoffs in the automotive and traditional manufacturing industries.
Read the full press release from the Solar Energy Industries Association.