Potential new tariffs resulting from the antidumping and
countervailing duty (AD/CVD) investigations into solar cells and
modules imported from Cambodia,
Malaysia, Thailand, and Vietnam could increase costs to a level that
significantly restricts solar supply and installations in the U.S.,
according to an analysis commissioned by the American Council on
Renewable Energy (ACORE).
WASHINGTON, July 9, 2024
/PRNewswire-PRWeb/ -- Potential new tariffs resulting from
the antidumping and countervailing duty
(AD/CVD) investigations into solar cells and modules
imported from Cambodia,
Malaysia, Thailand, and Vietnam could increase costs to a level that
significantly restricts solar supply and installations in
the U.S., impeding America's ability to create jobs,
provide clean, affordable energy, and achieve climate targets,
according to an analysis released today on the
potential impacts of new tariffs on the solar industry.
"Injecting uncertainty into the market
slows economic growth and the good-paying jobs clean energy
creates, undermines U.S. climate objectives, and will inevitably
raise energy costs for American families," said ACORE President and
CEO Ray Long.
Commissioned by the American Council on Renewable Energy
(ACORE), the new Clean Energy Associates analysis outlines how the
U.S. solar sector is currently in good health with a fast-emerging
domestic solar manufacturing supply chain. However, the imposition
of new, unpredictable AD/CVD duties on solar cells and panels from
Southeast Asia could raise
U.S.-made module costs by 10 cents
per watt and imported module costs by 15
cents/watt. These higher prices implemented on top of other
headwinds, including domestic factors and trade restrictions
already in place and impacting the industry's trajectory, could
seriously hinder America's progress on solar deployment.
To meet the government's target of a 50-52% reduction in
greenhouse gas emissions by 2030, the U.S. solar industry must
increase from 177 gigawatts (GW) of installed capacity to over 500
GW.
"Today, solar is one of the most affordable and reliable energy
sources we have to power our economy," said ACORE President and CEO
Ray Long. "Injecting uncertainty
into the market slows economic growth and the good-paying jobs
clean energy creates, undermines U.S. climate objectives, and will
inevitably raise energy costs for American families. This is not an
appropriate course of action and could unintentionally cede U.S.
leadership in the solar industry to other countries."
While the U.S. is actively building its solar module
manufacturing capabilities, the researchers explain how more time
is still needed, particularly to build cell capacity, to meet
demand. Imposing additional tariffs on solar cells will likely harm
American module manufacturers, who must rely on imported solar
cells to meet their current production needs. The analysis conveys
how this could undercut the buildout of a strong domestic solar
supply chain and jeopardize U.S. factories and the jobs they
support.
Data in the new analysis shows how solar prices have already
started to spike since the petitions were filed with the U.S.
Department of Commerce and U.S. International Trade Commission on
April 24. Click here to download
Potential Impacts of the 2024 Antidumping and Countervailing Duties
on the U.S. Solar Industry.
Media Contact
Alex Hobson, ACORE, 202.830.3592,
hobson@acore.org, https://acore.org/
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SOURCE ACORE