Renewable energy coalition urges Congress for one-year extension on 1603 program

Over 750 companies, small businesses and organizations are sending a letter to Congress asking for a one-year extension of the Department of Treasury’s Section 1603 Program. Solarbuzz advised that the coalition represents hundreds of thousands of jobs in the 50 states across various energy technology industries.

Originally, the 1603 program was created to tackle the scarcity of available tax equity from the 2008 financial crisis. Solarbuzz noted that while the tax equity market somewhat improved in 2010, it has still not reached a full recovery – even with clean energy projects growing in the last few years.

Furthermore, a survey of the most influential tax equity investors, conducted by the US Partnership for Renewable Energy Finance in July, found that letting the program expire would shrink the total financing available for energy projects by 52% in 2012.

“The 1603 program was the single biggest driver of renewable energy deployment over the last two years, leveraging nearly US$23 billion of private sector funding,” said Rhone Resch, president and CEO of the Solar Energy Industries Association (SEIA). “Allowing it to expire at the end of the year, while tax equity markets remain limited, would have a severe impact on the few industries actually creating new American jobs in this economy.”


Preview Latest
We won't share your details - promise!


  • Photovoltaics International 23rd Edition

    This issue of Photovoltaics International, our 23rd, offers key insights into some of the technologies that are ready to move from lab to fab in support of these goals. ISC Konstanz offer a glimpse of what the low-cost, high-efficiency solar cells of the future might look like. On page 35 the institute’s authors give an overview of what they call Konstanz’ “technology zoo”, encompassing their so-called BiSoN, PELICAN and ZEBRA cell concepts, all of which are aimed at increasing energy yield at the lowest possible cost.

  • Manufacturing The Solar Future: The 2013 Production Annual

    In the ever-changing global solar markets, cost reduction and measures to increase cell efficiencies are the key tools available to PV manufacturers to create new opportunities and drive your business to the next level. Manufacturing the Solar Future 2013 is the third in the Photovoltaics International PV Production Annual series, delivering the next instalment of in-depth technical manufacturing information on PV production processes designed to help you gain the competitive edge.



Solar Media