investment tax credit. ITC

Two US Senators have introduced a bipartisan energy tax proposal to encourage innovation in the clean energy sector and rapidly scale up new technologies.

The American Council on Renewable Energy (ACORE) has said that a proposed transmission investment tax credit (ITC) in the US could spur US$15.3 billion of fresh investment in clean energy and enable an extra 42GW of wind and solar capacity to come online.

US President Joe Biden has included a ten-year extension for the Investment Tax credit for both clean power generation and energy storage as part of a US$2 trillion infrastructure investment plan.