Monday, October 06, 2008

Tax Credit Extension Ensures Strong Future for Solar Industry

By a vote of 263-171, 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 legislation will:

  • Extend for 8 years the 30-percent tax credit for both residential and commercial solar installations;
  • Eliminate the $2,000 monetary cap for residential solar electric installations, creating a true 30-percent credit;
  • Eliminate the prohibition on utilities from benefiting from the credit;
  • Allow Alternative Minimum Tax (AMT) filers, both businesses and families, to take the credit; and
  • Authorize $800 million for clean energy bonds for renewable energy generating facilities, including solar.

Read SEPA`s statement about how this will impact utiliies` engagement with solar energy.

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