Tax Credits Double ProjectionsOf Solar Growth in One U.S. Market

A new market report estimates that U.S. rooftop solar in the Mid-Atlantic region will likely increase exponentially over the next five years thanks to extended federal tax credits. The Business Energy Investment Tax Credit that Congress unexpectedly renewed last December gives homeowners and developers 30 percent back on solar panel installations and other renewable energy investments through 2019. The program could help solar installation growth in the Mid-Atlantic reach over 9,000 megawatts by 2021, doubling previous projections, according to the report, which was conducted by market research firm CreditSights. Such a jump would alleviate the need for U.S. power companies to subsidize electric needs with nuclear, natural gas, or coal during peak energy consumption periods. “If rooftop solar grows more than 30 percent, there’s no reason we couldn’t see electricity demand growth go negative in the coming years,” Greg Jones, a New York-based analyst with CreditSights, told Bloomberg News.