IRS Gifts US Solar Developers A 30% Tax Break — No Taksies Backsies!
Solar developers in the US finally have something to cheer about after the IRS clarifies its position on a key tax break and the trade war heats up.
Solar developers in the US finally have something to cheer about after the IRS clarifies its position on a key tax break and the trade war heats up.
Suniva, the Chinese-owned, US-based solar manufacturer which instigated the Section 201 trade case that led to the imposition of 30% tariffs on all imported solar cells and modules, has this week been released from bankruptcy proceedings thanks to the intervention of SQN Capital Management.
On January 22, 2018, the Trump administration levied a 30% tariff on solar imports to the US. Although they acknowledged that from 2012 to 2016 the volume of solar generation capacity installed annually in the US more than tripled, the administration also claimed that the numbers had been artificially inflated by “low-priced solar cells and modules from China.” According to a fact sheet released by the US Trade Representative, this tariff will last for 4 years and will fall by 5% annually, dropping to a 15% tariff in 2021.
What Happened: GOP Senators from solar states like North Carolina have suddenly discovered that President Trump’s tariffs on solar modules are a bad idea. (Who knew? Everyone. Everyone knew.)
Nearly 60% of American voters oppose tariffs recently imposed on imported solar cells and modules by US President Trump according to a new survey, including a majority in districts classified as “very red” despite nearly 60% of Republicans favoring the tariffs.
In a move that could upset the US political apple cart all over Washington, Nevada Congresswoman Jacky Rosen has introduced a bipartisan bill to the House of Congress which, if successful, could overturn the 30% tariff on imported solar cells and modules introduced by President Donald Trump earlier this year.
Solar jobs are rising nationwide despite fears over Trump’s new tariff on solar panels, but state-level policies can still throttle the solar industry.
What actually changed in the world of solar in Q1 2018? Here’s our rundown:
MSNBC gets a lot of things right. In fact, it may be the best mainstream media outlet when it comes to focusing on what’s important and when it comes to keeping nonsensical political spin off its shows. However, it seems the outlet doesn’t know energy.
Now that the dust from Trump’s new solar tariff is settling, it looks like rooftop PV installers have more to fear (or to gain) from state-level actions affecting the solar marketplace.