As an EcoBroker® I'm excited about the incentives the bailout offers for energy efficiency and renewable energy tax incentives. The big winners include: solar, wind, geothermal and alternative fuels and incentives follow.
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An eight-year extension of the investment tax credit (ITC) for solar energy.
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A multi-year extension of the production tax credit (PTC) for energy derived from biomass, geothermal, hydropower, waves and tides, landfill gas and solid waste (through September 30, 2011).
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A one-year extension of the PTC for energy derived from wind.
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Incentives for carbon capture and sequestration demonstration projects.
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Incentives for the production of domestically-produced renewable fuels, such as biodiesel and renewable diesel, and for the installation of E-85 pumps for consumers to fill up flex-fuel vehicles.
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Tax credits of $3,000 or more toward the purchase of fuel-efficient, plug-in hybrid vehicles.
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Incentives for energy conservation in commercial buildings, residential structures and energy-efficient appliances.
The solar industry is particularly rewarded under the legislation, benefitting from substantial incentives for both residential and large-scale solar projects. The existing 30 percent solar investment tax credit has been extended to 2016, bolstering the confidence of utilities, investors and solar startups to make long-term investments in larger projects such as power plants. The $2,000 cap on the federal residential solar tax credit has been removed, which means that after December 31, 2008, homeowners who install a new system can now claim a 30 percent federal tax credit. Couple this federal credit with state incentives, and the cost to install solar is now dramatically slashed in some states.
To learn more, visit the following sites:
http://www.speaker.gov/legislation?id=0260
(Speaker Pelosi's summary of the bill)
http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h.r.07060 (the bill in its entirety)
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