1603 ITC (Investment Tax Credit) Grant-In-Lieu To Be Extended For 24 Months Delivering Considerable Upside To Solar Farm Investment

Within the U.S. in 2011, solar farming demand is estimated to achieve 1750MW led by the utility scale installations. Because of a 15% yoy decline in panel prices per watt, unsubsidized solar farm build costs should move to $5-$6/watt for residential scale and $3.75-$4 for utility scale, which will will help drive the USA sector demand up 119% yoy in 2011 versus 800mw in 2010. Based on recently available additions in energy policy legislation, Commercial Solar Design proposes significantly greater likelihood of an extension of treasury cash grant-in-lieu of 30% ITC (investment tax credit), that might possibly add substantially to the upside regarding our forecast and increase solar farm investment dramatically.

Non-residential installations will certainly achieve an increased share of the U.S. photovoltaic marketplace with 76% of the market in 2011, up from 69% in 2010 (136% yoy). In terms of the regulatory landscape, despite the fact that the key wide-ranging energy reform bill seems to be taken off the table, the "domestic manufacturing and energy jobs" bill presented in the House in late July contained an extension for the cash grant-in-lieu for 30 % ITC (investment tax credit) . Commercial Solar Design is suggesting that there is a greater probability of passage for this bill in congress once the United States Congress assembles after the August recess. This particular bill is then expected to end up being combined with the energy bill in the the US House of Representatives or might be attached to the tax extender's bill later this year. Overall, passage of alternative energy tax credit is high on the agenda of tax committees in the US Congress.

The discussion draft connected with "Domestic Manufacturing and Energy Jobs Act of 2010" unveiled in the last week of July finds that the extension of the hard cash grant program for two years is the key photovoltaic question contained in the bill. The draft excludes the much anticipated climate change bill including "cap and trade" together with a national Renewable Portfolio Standard (RPS). This kind of watered down version of the "energy" bill is expected to be passed in the House when Congress resumes following the August recess the week of September thirteenth. Nevertheless solar farm investment can proceed with acceptable IRR (internal rate of return) with or without the need for a 1603 extension

The Treasury cash grant-in-lieu of the thirty percent investment tax credit (ITC) program was developed in August 2009 to provide an upfront cash grant equal to 30% of the applicable installation cost to the solar farm building contractors and also developers and including commercial and utility scale projects. A sizable majority of the contractors and developers did not have taxable income to utilize the thirty percent ITC, and thus, the real money grant program was obviously a big incentive for the solar power contractors/developers. Because there was too little understanding around the taxability of the hard cash grant through late April the incentive ended up being underutilized.

The Treasury cash grant program was a major financial success and extension of the program will furnish significant benefit to solar farm investment and demand approximations in 2011.

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