U.S. solar industry surges with $240B investment, 170,000 jobs created, and new tax incentives proposed.

The U.S. solar industry has seen a significant increase in investment and jobs, with over $240 billion invested in clean energy manufacturing and infrastructure projects since the passage of the Inflation Reduction Act. This includes over $86 billion in new solar, wind and battery energy storage projects. Over 170,000 direct jobs have been created since the IRA’s passage, and as many as 1.5 million new jobs are expected by 2030. Battery cell pricing is expected to drop by over 60% from July 2023 through summer 2024 due to increased EV adoption and grid expansion in China and the U.K. The California Public Utilities Commission has reportedly misjudged its proposed decision on the Community Renewable Energy Act, stating that the Net Value Billing Tariff outlined in the Act conflicts with federal law. The IRS has issued its final guidance on the elective pay rules for clean energy tax credits, removing temporary regulations and implementing the final rules. New York bill would increase rooftop solar tax credit to $10,000, allowing customers to offset state income taxes with a credit. Massachusetts has expanded net metering, allowing small systems of 10 kW or less to be exempt from the cap, and saving ratepayers $10 million.