Somehow, among all the turmoil in the housing, credit, and financial industries, there is good news. And that good news is that Solar Investment Tax Credit has been extended by Congress. With all the hubbub over the bailout, how did they have time to vote for it? Well, it seems like some sly Congressperson probably papercliped it to the bailout plan as part of those 448 pages that were added between it being voted down the first time and then approved today. Anyway, I won’t get into the bailout, because that’s a topic for another day and another blog.
So, what does this bit of legislation actually do? Well, there are a few really exciting parts:
- Extends 30% tax credit for residential and solar installations for 8 more years
- Removes $2000 monetary cap for residential installations
- Creates $800 million for clean energy bonds
Here’s what EcoGeek has to say on the subject:
The House of Representatives has just passed what may be the largest bit of renewable energy legislation in the history of the world. Over the next eight years, this 30% tax credit for solar energy will create 440,000 permanent jobs, 35 gigawatts of renewable electricity, and foster the growth of a $300 billion market for solar energy.
So, definitely exciting. If you have been planning a solar project, you should be glad to know that you will be saving thousands of dollars, as the tax credit will not run out. And especially as we enter a period where solar is just getting more and more popular, this bill will mean that that technology is a lot more accesible and a lot more widely used than it would have been otherwise.
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