White House Vetoes Bill for Solar Tariffs – Will This Change How You Buy Solar?
The solar energy market has been expanding year on year, and America is still working to catch up to foreign producers of solar panels. Today, America imports up to 80% of its solar panels from overseas. A growing number of manufacturers are now setting up plants in America to help balance the market and ease supply chain restrictions. If you buy solar today, it’s highly likely that the panels used for your system will be imported.
And, due to a recent decision in the White House, pricing stability should be guaranteed for at least another year.
Bill Vetoed – Protecting Pricing for Solar Power in New York and Elsewhere
President Biden vetoed legislation this week, blocking a move by Congress to reapply tariffs to panels imported from Southeast Asia.
In June of last year, the White House allowed a two-year waiver on tariffs applied to solar panels originating in Thailand, Cambodia, Malaysia, and Vietnam. The waiver was designed so that prices would remain consistent while America worked to build up its own solar panel production industry. The tariffs were previously imposed by the Trump administration in 2018. The 2018 tariffs were responsible for the cancellation of countless large-scale solar projects and created a significant supply chain shortage.
The current White House administration argues that the tariffs negatively affect consumers as well as large-scale industrial developers. Because America can’t produce all the solar panels that it needs, imports are necessary to ensure that homeowners and developers can access solar for rooftop or grid-scale projects.
According to a report from the Energy Information Administration, up to 20% of projects were delayed last year because of the tariffs. The Solar Energy Industry Association estimates that if the tariffs were reinstated today, up to 30,000 jobs in America’s solar industry could be lost.
President Biden’s veto will remain in effect until June 2024, and the White House has stated that no further tariff exemptions will be allowed. This should allow a little more than a year for America’s solar industry to develop, after which time it should be able to compete with imported products.
Will This Change How You Buy Solar Power in New York?
The veto won’t change how you buy solar power in New York in the meantime. That’s exactly the purpose of the veto and the original tariff exemptions. Tariffs would affect the price of New York solar installation because imported panels would cost more, and America’s industry simply isn’t ready to supply the needs of domestic installers. Companies like New York Power Solutions rely on panels and components that are sourced from within America and around the world. The veto will keep the market stable today while giving time for America’s industry to catch up.
You can have confidence knowing that your New York solar installation will be affordable, especially with the help of Federal and State solar tax credits. You can also get no-money-down financing, making solar more accessible than it has ever been.
In the future, the price of solar panels could fluctuate slightly, but the veto allows time to mitigate any potential effect on the end-user market.
Get a Free Home Solar Estimate in New York
Does Tesla have an emergency battery? The answer is yes, and it can improve the return on investment and practicality that you enjoy with solar. Get your free home solar estimate from the team at New York Power Solutions. We’re ready to help you choose the best solar system for your needs and will take care of you from initial consultation through to installation and long-term ownership.
