Bailout Bill Includes Solar Tax Credits

Solar tax credits extended

Well we can argue till the cows come home about whether the financial crisis bailout bill is going to work or if it is good for America but one thing is for sure the solar power industry is doing a dance today. Included in the bill that passed the Senate the other day and went before the House today, where it passed, was a rider that includes an extension of the 30% federal investment tax credit for residential and commercial solar installations for the next eight years. This is a huge boost for the solar industry which is trying to get a foothold in what could only be called “trying times”.

Many of us may not like the add ons to the bailout bill but his is one that needed to be passed for the solar industry to grow and become a factor in growing the

Here is the full press release from SEIA:

Federal Solar Tax Credits Extended for 8 Years, US Poised to Become Largest Solar Market in the World

October 03, 2008

Industry Leaders Forecast Dramatic Growth in the U.S. Solar Market by 2016 with Extension of Credit

WASHINGTON – Today, by a vote of 263 to 171, the U.S. House of Representatives passed historic legislation that extends the 30-percent federal investment tax credit for both residential and commercial solar installations for 8 years. This landmark legislation is part of H.R. 1424, the Emergency Economic Stabilization Act of 2008, designed to address the U.S. financial crisis. It is the most significant federal policy ever enacted for the solar industry. President Bush has vowed to sign the bill into law. The Senate passed the bill on Wednesday night.

“This bill is a major step in our long journey toward energy independence and ensures that solar energy will be a significant part of America’s energy future,” said SEIA president Rhone Resch. “This long-term extension of the solar tax credits will create a domestic solar industry with hundreds of thousands of jobs while providing clean, affordable, carbon-free energy to millions of American families, businesses, and communities.”

“On behalf of the 60,000 Americans employed by the solar energy industry, we would like to thank Leaders Reid and McConnell and Senators Baucus, Grassley, Cantwell and Ensign for their dogged support of the solar tax credit extension. In the House we are thankful to Leaders Pelosi, Hoyer, Boehner, and Blunt, and Chairman Rangel, Ranking Republican McCrery and Rep. Camp among many others who have long worked to bring solar energy to the mainstream. These leaders have broken through partisan politics and have provided a bright future for solar energy in the United States,” said Resch.

“By passing this bill, Congress has finally given the solar energy industry ‘policy certainty’ that will attract investment, expand manufacturing and lower the cost of solar energy to consumers,” said Roger Efird, SEIA chairman and president of Suntech America, a leading Chinese solar power manufacturing company. “This will allow companies like mine to move forward with expansion plans to serve the growing U.S. market.”

“This bill puts the sun to work for every American,” added Resch. “And by 2016, we expect solar energy to be the least expensive source of electricity for consumers.”