Congress has made an historic move that will be a major boom for clean energy over the next five years and beyond. What’s potentially at stake: approximately $73 billion in new investment and 8 million more households to be powered by renewables.
Specifically, the House of Representatives voted on five-year extensions of key tax credits supporting wind, solar and other renewable technologies. These credits have been critical to helping clean energy attract well over $400 billion in investment over the past decade. But they have repeatedly lapsed in the past, causing serious disruption in the marketplace.
Now Congress is giving the clean energy industry the longer-term certainty it has long needed to compete and grow. The net result could be 37 gigawatts of new wind and solar capacity—a 56% boost to the industry over 5 years.
Bloomberg New Energy Finance has forecast the potential upside of the changes Congress is considering with five-year outlooks for wind and solar growth in the U.S.