Solar and wind tax credit extension could boost growth by 54%

A five-year extension to the solar investment tax credit (ITC), which is currently included in the omnibus spending bill under consideration in Congress, would result in 25 gigawatts (GW) of additional solar capacity over the next five years — a 54% increase over a no-extension scenario. According to GTM Research, which released preliminary updated state- and segment-level forecasts based on the current omnibus language, ITC extension will foster $40 billion in incremental investment in solar between 2016 and 2020.