It Passed!

Whatever you may think of the Wall Street bailout bill, the fact that it passed the House is very good news for anyone thinking about going solar.

The Emergency Economic Stabilization Act of 2008 (H.R. 1424) carries a rider extending federal tax credits for solar energy investment by a whopping eight years! Not only that, but the $2,000 cap currently in place for residential solar projects has been lifted. Starting in January, homeowners will receive a full 30% of solar system costs back on their taxes, regardless of the total cost of the project.

Solar Energy Industries Association president Rhone Resch calls the bill“A major step in our long journey toward energy independence." He predicts, “This long-term extension of the solar tax credits will create a domestic solar industry with hundreds of thousands of jobs while providing clean, affordable, carbon-free energy to millions of American families, businesses, and communities.”