Renewable Energy Tax Credits Extended!
Woo Hoo! The Solar and Small Scale Wind Power tax credit has been extended for 8 years today! This is a major relief for the renewable energy industry because many people were worried that congress would not pass the tax credit and the industry would go into a downward spiral after December 31st, 2008. The house of representatives extended the renewable energy tax credits packaged together with the highly controversial bailout bill. The renewable energy provisions included:
- Extends for 8 years the tax credit for both residential and commercial installations.
- Eliminates the $2,000 cap for residential solar power installations, thus allowing home owners to realize a full 30% tax credit!
- Allows families who have hit the Alternative Minimum Tax (AMT) can still claim the renewable energy tax credit.
Although a great day for America’s energy independence movement, the extension of the renewable energy tax credit will lead to millions of new “green” jobs over the next 8 years. I’m happy to hear that the tax credit was finally approved, its been kicked around in congress for over a year without any luck, it took this country a financial meltdown for it to pass because the senate on Tuesday stuck the renewable energy tax credit in the economic bailout bill. This is a double edge sword, its great to see green energy industry getting a boost, but at the expense of also bailing out wall street for the mistakes they have made, which is privatizing profits and socializing losses.