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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.

Please discuss!

Author: Deep Patel

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