Congress Extended Vital Tax Credits for the Alternative Energy Industry. Now What?
In December 2015, Congress passed a bill extending the Production Tax Credit (PTC) and Investment Tax Credit (ITC) which aid the wind and solar industries, respectively. This is huge news for the renewable energy industry because this means approximately $73 billion in new investment and eight million additional households powered by alternative energy according to estimates.
According to an article from Bloomberg New Energy Finance, the net result of these tax credits could be 37 gigawatts of new wind and solar capacity – a 56% boost for the industry over five years. Furthermore, commercial projects commenced before the end of 2021 claim a larger credit than those that will follow, so expect the investment to happen sooner rather than later.
By 2020, the industry will deploy more than 20 gigawatts of solar electric capacity every year. To accomplish this, more than 420,000 jobs will be necessary – twice the current amount according to Bureau of Labor Statistics. Keep in mind, the projected size of the electric utility industry by 2024 is 505,000 jobs. So, how will companies be able to meet the initial wave of construction while continuing to build for the future?
Skilled Labor Partners for the Solar and Alternative Energy Industry
To meet the initial and long-term workforce demands created by the rapidly expanding demand for solar and alternative energies, smart contractors and alternative energy park developers will turn to staffing solutions partners to maximize workforce productivity and minimize the typical overhead associated with scaling labor.
With labor solutions partners, workers are pre-screened to meet strict hiring criteria with emphasis on safety, craftsmanship and productivity. In other words, instead of hoping a new hire can do the job to help projects stay on target, their competence is guaranteed.
Tradesmen International has partnered with solar park owners and contractors on hundreds of alternative energy projects over the last decade – from multi-acre industrial parks to smaller-scale rooftop installations. Along the way, Tradesmen has assembled one of the industry’s premier alternative energy workforces, trusted by top companies in the field when it matters most.
To make sure you don’t have turn down jobs as the alternative energy industry ramps up, contact Tradesmen to reserve your skilled solar-experienced craftsmen today.