July 25th, a week after nearly 1,000 solar companies from across the US came together to sign a letter urging Congress to extend the solar investment tax credit, three Representatives, including two Republican Congressmen, introduced a House bill to extend the ITC for five years. If passed this could provide a long-term boost to an already booming solar power market. The ITC is set to decrease to 26% in 2020 and 22% in 2021.
The ITC deduction may not have much of an impact on the residential solar power market, but the commercial and utility projects will be affected because the 4% ITC decrease will be more detrimental to price-sensitive and thinner margin, large size solar energy projects
It is predicted that about 1.5 Gigawatt "safe harbor" solar panels will be reserved in 2019 for large solar panel installations until 2023. "Safe Harbor" solar panels took a big portion of solar panel manufacturers' capacity. Some solar panel manufacturers are even sold out through the first quarter of 2020. If the five-year ITC extension is granted, part of the 1.5 Gigawatt safe harbor solar panels will be released into the market in early 2020 which may drive the solar panels price down due to supply exceeding demand
Be sure to comment below and let us know if you think the ITC will be extended.
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