Report: 1603 extension could result in 2,000 MW solar growth

A report released by the Solar Energy Industries Association (SEIA) says that a one-year extension of the Section 1603 Treasury Program would result in nearly 2,000 additional MW of solar installations by 2016.

The report, “Economic Impact of Extending the Section 1603 Treasury Program,” conducted by global energy analysis firm EuPD Research, examines projected job growth and solar deployment associated with a one-year extension of the Section 1603 Treasury Program. 

According to the report, a one-year extension would result in the solar industry supporting an additional 37,394 jobs in 2012. The report also analyzed scenarios for two and five-year extensions of the program.

The program was created in 2009 in the wake of the financial crisis, which reduced the availability of tax equity financing for energy projects. The Section 1603 Treasury Program allows energy developers to receive a federal grant in lieu of claiming an existing energy tax credit. The program does not create any new incentives, but instead accelerates the timing of existing credit. The program is set to expire on Dec. 31, 2011.

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