Covid-19 has wreaked havoc on economies, worldwide. Markets have slowed to a stop. Industries have downsized. In these unprecedented times we will witness unprecedented solutions. The legislation that governments create will inevitably shape these emerging economies as we seek resolution. Economic recovery could very well beckon us into an era of renewable energy. The House Ways and Means Committee introduced the, “Growing Renewable Energy and Efficiency Now Act,”
The GREEN Act for short, on June 25th, 2020. This legislation was introduced alongside the Moving Forward Act, which is a comprehensive $1.5 Trillion infrastructure package that was passed that same week. Both Bills contain provisions that incentivize the conversion to alternative energy. It is the GREEN Act, however, that extends the ITC, Investment Tax Credit, by another five years and raises it back up to 30%. Meaning you can either get a direct payment, or a dollar for dollar tax credit based on 30% of your total solar investment. The ITC is directly responsible for the massive increase in solar sales and will only continue to help people switch over.
It is expected to pass the House of Representatives, but will be met with opposition as it reaches the Senate to be voted on. This is where organizations like the SEIA, Solar Energy Industries Association, come in. They are advocating for “greener” legislation. They are urging businesses and individuals to contact local representatives and Congressional Senators to get these Bills passed. They have even drafted a letter to Congress for businesses to sign in support of rebuilding with Solar Energy. There is already Bipartisanship support among Democrats and Republicans regarding Solar Energy. In fact, 25 Republicans and 25 Democrats wrote their own letter to request more pro renewable energy legislation, such as the one that was introduced in June.
It should be noted that almost every industry has taken a loss during this pandemic, yet some industries were dying well before it started. The reliance on fossil fuels is becoming less prominent as we are moving towards a more sustainable and environmentally conscious world. Which is why this legislation could possibly hold the weight of transferring the way we power our country for decades to come.
Fossil fuel dependent utilities have steadily increased with inflation and operating costs over the years, while also being a constant overhead cost to homeowners. Solar provides a cheaper, temporary investment that can save tens of thousands of dollars over the lifetime of the system and make your home less reliant on utility conglomerates. Visit our website regionsolar to learn more and save on powering your home.