Mike Eckhart, global head of environmental finance at Citigroup, and a multi-decade veteran of the solar industry, is among the bears, claiming that the impact of a drop in the ITC from its current 30% to 10% would be “beyond huge” for the distributed PV sector in the United States.
Although the US solar industry is lobbying for an extension of the 30% rate, or at least “commence construction” language that would have the effect of extending it for many projects, the drop is scheduled to come into effect on 1 January 2017.
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