A coalition of more than 750 companies, small businesses and organizations is sending a letter to Congress calling for a one-year extension of the Department of Treasury's Section 1603 program. The signatories on the letter represent hundreds of thousands of jobs in all 50 states across a dozen energy technology industries and related sectors.
A July 2011 survey of the major tax equity investors by the U.S. Partnership for Renewable Energy Finance estimated that expiration of the program would shrink the total financing available for energy projects by 52% in 2012, according to the coalition, which includes representatives from the Solar Energy Industries Association (SEIA).
‘The 1603 program was the single biggest driver of renewable energy deployment over the last two years, leveraging nearly $23 billion of private sector funding,’ says Rhone Resch, president and CEO of SEIA. ‘Allowing it to expire at the end of the year, while tax equity markets remain limited, would have a severe impact on the few industries actually creating new American jobs in this economy.’