Biden's Build Back Better Plan Passed: What's Next?

Biden's Build Back Better Plan Passed: What's Next?

On November 19th, 2021, the House of Representatives passed the Build Back Better Act. This was after a long debate in which criticisms of the bill forced cuts and revisions.

One of the main aims of the BBB Act is to decarbonize America’s energy grid. Much of the plan for achieving that includes policies that grant a total of ~$300 billion in tax incentives and rebates for clean energy installations and other related measures.

What Would BBB Do For Solar?

For solar specifically, the act’s tax program improvement will continue to lower the cost of residential rooftop solar. The current draft implements an expansion of the Solar Investment Tax Credit (ITC), which, according to the White House, will “cut the cost of installing rooftop solar for a home by around 30 percent, shortening the payback period by around 5 years”.

The BBB will also increase funding and opportunities for communities to build and access their own solar projects, further growing access to clean, affordable energy. Additional incentives will be put into place to improve domestic solar supply chains, reducing the cost of solar even more, and helping contractors source their products more reliably.

What’s Next for the BBB? Abigail Ross Hopper, president, and CEO of the Solar Energy Industries Association (SEIA), praised this progress and voiced optimism for the bill’s future:

“This is a critical step forward on legislation that features the most transformational clean energy initiatives in our nation’s history.

Decarbonizing the electric grid will add close to one million Americans to the solar workforce by 2035, and after months of negotiation, we are on the verge of approving a policy that will take a meaningful step toward tackling the climate crisis.”

Experts from the financial sector are also banking on the bill eventually being signed into law. Many wall street players are investing in infrastructure stocks in preparation for the boost the bill would give. The Chief Economist at J.P. Morgan has predicted an 80-90% likelihood that the bill will ultimately be approved by the Senate.

The current goal is for the Senate to approve the bill by Christmas. However, any further changes made to the package will require sending it back to be voted on once more by the House of Representatives. This likelihood seems high, given that there has been much discussion about changing portions pertaining to the act’s measures regarding paid leave and tax policy. When the bill is ready to be voted on by the Senate, Majority Leader Chuck Schumer will need support from all 50 members of his caucus to get it approved.

Members of the solar industry are hoping for a Christmas gift in the form of the BBB being made official. The bill’s Senate passage is expected to grow the number of solar customers in the market, leading to better days for contractors.

But in the meantime, installers that need immediate income are turning to a solar marketing company for help. Grid Freedom is the agency contractors have come to trust for high-prospect leads that have already been put through all the necessary checks and sales prep. It’s the certainty installers need when trying to find sure customers during the slow season in a shaky economy.

America’s Most Reliable www.GridFreedom.com

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