People who work in the solar industry can barely contain their glee this week.
The Inflation Reduction Act, which passed the U.S. Senate on Sunday and appears to be heading to passage in the House, contains a wish list of the industry’s priorities.
And here’s a big one: a 10-year extension of the investment tax credit, the main tax policy that has supported growth of the solar industry.
“This is one of those moments where I feel like, as a human being, I will remember where I was, when the Senate passed this,” said Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association, in a conference call with reporters.
Without the new legislation, the investment tax credit, or ITC, was phasing down for large-scale projects and phasing out for residential projects.
At its full value the ITC covers 30 percent of the cost of buying and…