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January 4, 2021

Coronavirus company news summary – German solar installations continue rise – US relief bill offers tax credit extensions

By Matt Farmer

4 January

Germany’s solar capacity increased by 14.5% in November 2020, with the addition of 481MW of solar power installations. This compares with 420MW of installations added in October. The country added approximately 1.22GW of new photovoltaic installations during Q3 2020, a 34% rise from the corresponding period in 2019. Germany’s solar projects installations reached 1.25GW in second quarter.

A US Covid-19 relief bill passed last week will provide tax incentives to industries including renewable energy and technology sectors. The bill extends the sunset phase of federal tax credits for the development and operation of renewable energy generation facilities. The new law also offers eligibility extensions for tax benefits, which are applicable to other ‘green’ technologies.

The US renewable energy industry, including solar and wind power, has expanded during the Covid-19 pandemic so far. The International Energy Agency (IEA) has projected renewable electricity to be the only power source that will grow in 2020. The agency has also predicted that solar generation will overtake the global power industry within the next two decades. The IEA estimates that global energy demand will fall by 5% in 2020, compared to 2019.

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