New Study Shows Extending Solar Tax Credits Will Create Jobs, Increase Investment
If Congress Passes Bill, 440,000 permanent jobs will be supported by the U.S. solar energy industry by 2016.
Sept. 15, 2008
WASHINGTON, Sept 15, 2008 /PRNewswire via COMTEX/ -- A new economic study issued today by Navigant Consulting, Inc., shows that more than 1.2 million employment opportunities, including 440,000 permanent jobs, and $232 billion in investment would be supported in the U.S. by the solar energy sector alone through 2016 if Congress extends the solar investment tax credit (ITC) for 8 years.
"By extending the solar investment tax credits, Congress can provide an immediate boost to the floundering U.S. economy by creating hundreds of thousands of jobs and injecting billions of dollars of new investment capital into the economy, while at the same time driving down energy costs for consumers," said Rhone Resch, president of the Solar Energy Industries Association (SEIA), based in Washington, D.C. "The solar energy industry creates jobs that are the foundation of our economy -- jobs for manufacturers, construction workers, engineers, roofers, electricians, and plumbers. These jobs are needed now and Congress is in a position to extend the ITC and ensure that these jobs are created here in the U.S."
According to the study, by 2016, the solar energy industry would create 440,000 permanent U.S. jobs with much of the direct growth occurring in domestic manufacturing, construction and the trades. This figure reveals the strength of the solar job creation engine when compared to the current 79,000 direct employees of the coal mining industry and the 136,000 direct employees in oil and gas extraction.
"There is the potential to create significant U.S. employment and investment opportunities," said Jay Paidipati, Managing Consultant at Chicago-based Navigant Consulting, Inc. "An 8-year extension of the ITC would allow the market to maintain or possibly exceed its current growth rate."
Because solar energy components are manufactured near its markets, extending the ITC would create manufacturing and installation jobs in all 50 states. The states that would enjoy the largest economic boost are California, Florida, Arizona, New Mexico, Nevada, New Jersey, Massachusetts, New York, Oregon, and Washington.
Similarly, the economies of Pennsylvania, Michigan, Ohio and the rest of the Great Lakes region would grow significantly from solar energy if Congress passes the ITC extension. This area of the country has suffered greatly from a huge decline in jobs in the automotive and traditional manufacturing industries.
"In the next week Congress will be voting on energy tax legislation and we strongly urge Congress to seize this opportunity to extend the solar investment tax credit for 8 years now before leaving for the campaign trail," said Resch.
Copyright (C) 2008 PR Newswire. All rights reserved
If Congress Passes Bill, 440,000 permanent jobs will be supported by the U.S. solar energy industry by 2016.
Sept. 15, 2008
WASHINGTON, Sept 15, 2008 /PRNewswire via COMTEX/ -- A new economic study issued today by Navigant Consulting, Inc., shows that more than 1.2 million employment opportunities, including 440,000 permanent jobs, and $232 billion in investment would be supported in the U.S. by the solar energy sector alone through 2016 if Congress extends the solar investment tax credit (ITC) for 8 years.
"By extending the solar investment tax credits, Congress can provide an immediate boost to the floundering U.S. economy by creating hundreds of thousands of jobs and injecting billions of dollars of new investment capital into the economy, while at the same time driving down energy costs for consumers," said Rhone Resch, president of the Solar Energy Industries Association (SEIA), based in Washington, D.C. "The solar energy industry creates jobs that are the foundation of our economy -- jobs for manufacturers, construction workers, engineers, roofers, electricians, and plumbers. These jobs are needed now and Congress is in a position to extend the ITC and ensure that these jobs are created here in the U.S."
According to the study, by 2016, the solar energy industry would create 440,000 permanent U.S. jobs with much of the direct growth occurring in domestic manufacturing, construction and the trades. This figure reveals the strength of the solar job creation engine when compared to the current 79,000 direct employees of the coal mining industry and the 136,000 direct employees in oil and gas extraction.
"There is the potential to create significant U.S. employment and investment opportunities," said Jay Paidipati, Managing Consultant at Chicago-based Navigant Consulting, Inc. "An 8-year extension of the ITC would allow the market to maintain or possibly exceed its current growth rate."
Because solar energy components are manufactured near its markets, extending the ITC would create manufacturing and installation jobs in all 50 states. The states that would enjoy the largest economic boost are California, Florida, Arizona, New Mexico, Nevada, New Jersey, Massachusetts, New York, Oregon, and Washington.
Similarly, the economies of Pennsylvania, Michigan, Ohio and the rest of the Great Lakes region would grow significantly from solar energy if Congress passes the ITC extension. This area of the country has suffered greatly from a huge decline in jobs in the automotive and traditional manufacturing industries.
"In the next week Congress will be voting on energy tax legislation and we strongly urge Congress to seize this opportunity to extend the solar investment tax credit for 8 years now before leaving for the campaign trail," said Resch.
Copyright (C) 2008 PR Newswire. All rights reserved
