Clean Energy Pipeline, the leading independent source of news, data and analytics for the renewables finance industry, today announces the launch of a new report called USA: Financial Incentives for Solar Energy in 2020 – State-by-state guide.
The United States of America is one the world’s leading superpowers in the solar market and more solar photovoltaic power projects have reached financial close in the country over the past decade than any other global market, including China.
Huge swathes of solar panels have become a mainstay feature across America’s vast landscape and the technology has proved its viability, along with onshore wind power, as a leading alternative energy source for consumers and a solid economic proposition for investors.
There were $151.6 billion solar photovoltaic power projects in the US that were successfully financed between 2010 and 2019, according to Clean Energy Pipeline, eclipsing deal activity in both China ($113 billion) and India ($34 billion).
Developers of utility-scale solar power projects in the US were protected to some extent against many seismic political shifts over the past decade, such as the election of US President Donald Trump or the ongoing tariff war with China, thanks to the US Solar Investment Tax Credit (ITC) – a much-lauded federal tax incentive that was specifically aimed at creating the right conditions to scale solar energy in the country.
The US also financed more solar projects than any other country in the world over four consecutive years up until the end of 2018, finally losing the first ranked position to China ($23.4 billion) in 2019, which was the final year in which beneficiaries of the solar ITC were privy to the full 30% tax credit.
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