Impact of tax credit extensions for wind and solar

See our five-year outlooks for wind and solar growth here.

Congress is on the verge of a making a historic move today that will be a major boon for clean energy over the next five years and beyond. What’s potentially at stake: approximately $73bn in new investment and 8 million more households to be powered by renewables.

Specifically, the House of Representatives is expected to vote 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 $400bn in in investment over the past decade. But they have repeatedly lapsed in the past, causing serious disruption in the marketplace.

Now Congress is on the verge of 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 US.

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