This is great news about the solar industry and our market. It also gives a picture of the scale and scope of our first 500 megawatt manufacturing plant considering this huge jump in 2007 was only 314 megawatts! The excerts from the article below also raises valid concerns about the ramifications of congress not getting the extension to the renewable tax credits passed.
In-joy,
Bruce
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January 23, 2008
Solar Energy is Economic Engine for U.S. Economy
Statement by Rhone Resch, SEIA President:
“Over the past few years, the solar energy industry, which includes manufacturers and distributors of photovoltaic, concentrating solar power and solar heating technology, has witnessed unprecedented growth. 2007 was a record year for solar energy, with 314 megawatts of new solar installed in the U.S. This is an increase of 125 percent from 2006. This growth pumped over $2 billion into the U.S. economy and created 6,000 new jobs. And Wall Street invested billions of dollars in solar energy companies, foreseeing the growing global demand for clean, renewable energy sources.
“In addition to manufacturing, solar creates development jobs. As of today, there are 80 utility-scale solar energy projects in the planning stages that represent about 56,000 megawatts of new electric power and 20 thousand permanent jobs. As these projects move forward, they will create hundreds of thousands of construction jobs.
“We recently conducted a survey of our members and found that developing solar energy is an economic engine for America. From 2006 to 2007, their collective revenue grew by 116 percent and their job base grew by 103%. For 2008, the industry projected 60% growth in jobs and a 108% increase in revenues. Almost all of this growth is directly attributable to the solar investment tax credits created in the 2005 Energy Bill that are scheduled to expire at the end of this year.
“Specifically, if the investment tax credit for solar energy is not extended and expanded early in 2008, we will see a net job loss of over 40,000 high quality jobs by 2009.
“I want to echo the words of my colleagues and ask Congress to make an investment in renewable energy. Make an investment that will create jobs, improve our energy independence, ensure American energy security, and begin to address the biggest environmental issue that we face today – global warming. Extending the tax credits for solar energy is timely, targeted and temporary and will help stimulate the US economy.
“It is time for Congress to listen to the will of the American people and pass common-sense policies like the solar investment tax credit.”