The SEIA has created a petition to extend the 1603 Program. 25,000 electronic signatures are needed by November 25, 2011 in order for the White House staff to review it, ensure it’s sent to the appropriate policy experts, and issue an official response.
A five-year extension of the TGP to coincide with the term of the investment tax credit would support an additional 114,000 jobs in the solar energy industry in 2015, a 32% increase over baseline, and would result in 7,450 megawatts of cumulative additional capacity installed through 2016. A predictable five year policy framework will generate an environment that fosters industry growth larger than the potential year-to-year extensions and would create sustained momentum for the industry.
The 1603 Treasury Program was created to address the shortage of tax equity available to renewable energy projects due to the collapse of the financial markets. The TGP allows developers to receive a cash grant in lieu of the Section 48 Investment Tax Credit (ITC). The TGP has supported more than a thousand solar projects representing over $3 billion in total investment, contributing to a nearly two-fold increase in solar electric capacity in 2010.
Another benefit is that this helps to fund leases for the elderly and non-profit organizations.