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| Rebates and Incentives |
Solar Incentives
Industry Leaders Forecast Dramatic Growth in the U.S. Solar Mark et by 2016 with
Extension of Credit
WASHINGTON – Today, by a vote of 263 to 171, the U.S. House of Representatives passed
historic legislation that extends the 30-percent federal investment tax credit for both residential
and commercial solar installations for 8 years. This landmark legislation is part of H.R. 1424, the
Emergency Economic Stabilization Act of 2008, designed to address the U.S. Financial crisis. It is
the most significant federal policy ever enacted for the solar industry. President Bush has vowed
to sign the bill into law. The Senate passed the bill on Wednesday night.
“This bill is a major step in our long journey toward energy independence and ensures that solar
energy will be a significant part of America ’s energy future,” said SEIA president Rhone Resch.
“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.”
“On behalf of the 60,000 Americans employed by the solar energy industry, we would like to
thank Leaders Reid and McConnell and Senators Baucus, Grassley, Cantwell and Ensign for
their dogged support of the solar tax credit extension. In the House we are thankful to Leaders
Pelosi, Hoyer, Boehner, and Blunt, and Chairman Rangel, Ranking Republican McCrery and Rep.
Camp among many others who have long worked to bring solar energy to the mainstream. These
leaders have broken through partisan politics and have provided a bright future for solar energy
in the United States ,” said Resch.
“By passing this bill, Congress has finally given the solar energy industry ‘policy certainty’ that will
attract investment, expand manufacturing and lower the cost of solar energy to consumers,” said
Roger Efird, SEIA chairman and president of Suntech America, a leading Chinese solar power
manufacturing company. “This will allow companies like mine to move forward with expansion
plans to serve the growing U.S. Market.”
“This bill puts the sun to work for every American,” added Resch. “And by 2016, we expect solar
energy to be the least expensive source of electricity for consumers.”
The solar investment tax credit (ITC) provisions will:
· Extend for 8 years the 30-percent tax credit for both residential and commercial solar
installations;
· Eliminate the $2,000 monetary cap for residential solar electric installations, creating a true
30-percent tax credit (effective for property placed in service after December 31, 2008);
· Eliminate the prohibition on utilities from benefiting from the credit;
· Allow Alternative Minimum Tax (AMT) filers, both businesses and individuals, to take the credit;
· Authorize $800 million for clean energy bonds for renewable energy generating facilities,
including solar.
The solar tax credits were originally enacted in the 2005 and have created unprecedented growth
in the U.S. The amount of solar electric capacity installed in 2007 was double that installed in
2006.
“Over the last 2 years, these tax credits have turned the solar industry from a small, cottage
industry into an economic engine for America . Electricians, plumbers, roofers and construction
workers can now get back to work. These jobs are the backbone of the American economy and
the solar industry is creating them at a time when they are needed the most,” said Resch.
According to a new economic study by Navigant Consulting, Inc., the 8-year extension of the ITC
will create 440,000 permanent jobs and unleash $325 billion in private investment in the solar
industry. This study did not factor in elimination of $2,000 monetary cap on the residential credit,
so the actual job creation and investment could be even greater.
“This is a big boost for the residential market in particular, allowing homeowners to contribute to
our nation’s energy independence,” said Efird. “It also opens the floodgates for building large,
utility-scale solar power projects that need longer time frames to complete.”
To date, there are 27 such utility-scale solar power projects totaling 5,400 megawatts of power in
various stages of development; most were on hold due to uncertainty surrounding the expiring tax
credits.
Because solar energy components are manufactured near their markets, this extension will
create manufacturing and installation jobs in all 50 states. The states that will enjoy the largest
economic boost are California , Florida , Arizona , New Mexico , Nevada , New Jersey ,
Massachusetts , New York , Oregon , and Washington .
Similarly, the economies of Pennsylvania , Michigan , Ohio and the rest of the Great Lakes region
will grow significantly as a result of the extension. This area of the country has suffered greatly
from a huge decline in jobs in the automotive and traditional manufacturing industries.
According to the same study, more than 28 gigawatts of electricity will be produced from solar
energy by 2016 – enough to power more than 7 million homes.
Industry Leaders Forecast Dramatic Growth in the U.S. Solar Mark et by 2016 with
Extension of Credit
WASHINGTON – Today, by a vote of 263 to 171, the U.S. House of Representatives passed
historic legislation that extends the 30-percent federal investment tax credit for both residential
and commercial solar installations for 8 years. This landmark legislation is part of H.R. 1424, the
Emergency Economic Stabilization Act of 2008, designed to address the U.S. Financial crisis. It is
the most significant federal policy ever enacted for the solar industry. President Bush has vowed
to sign the bill into law. The Senate passed the bill on Wednesday night.
“This bill is a major step in our long journey toward energy independence and ensures that solar
energy will be a significant part of America ’s energy future,” said SEIA president Rhone Resch.
“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.”
“On behalf of the 60,000 Americans employed by the solar energy industry, we would like to
thank Leaders Reid and McConnell and Senators Baucus, Grassley, Cantwell and Ensign for
their dogged support of the solar tax credit extension. In the House we are thankful to Leaders
Pelosi, Hoyer, Boehner, and Blunt, and Chairman Rangel, Ranking Republican McCrery and Rep.
Camp among many others who have long worked to bring solar energy to the mainstream. These
leaders have broken through partisan politics and have provided a bright future for solar energy
in the United States ,” said Resch.
“By passing this bill, Congress has finally given the solar energy industry ‘policy certainty’ that will
attract investment, expand manufacturing and lower the cost of solar energy to consumers,” said
Roger Efird, SEIA chairman and president of Suntech America, a leading Chinese solar power
manufacturing company. “This will allow companies like mine to move forward with expansion
plans to serve the growing U.S. Market.”
“This bill puts the sun to work for every American,” added Resch. “And by 2016, we expect solar
energy to be the least expensive source of electricity for consumers.”
The solar investment tax credit (ITC) provisions will:
· Extend for 8 years the 30-percent tax credit for both residential and commercial solar
installations;
· Eliminate the $2,000 monetary cap for residential solar electric installations, creating a true
30-percent tax credit (effective for property placed in service after December 31, 2008);
· Eliminate the prohibition on utilities from benefiting from the credit;
· Allow Alternative Minimum Tax (AMT) filers, both businesses and individuals, to take the credit;
· Authorize $800 million for clean energy bonds for renewable energy generating facilities,
including solar.
The solar tax credits were originally enacted in the 2005 and have created unprecedented growth
in the U.S. The amount of solar electric capacity installed in 2007 was double that installed in
2006.
“Over the last 2 years, these tax credits have turned the solar industry from a small, cottage
industry into an economic engine for America . Electricians, plumbers, roofers and construction
workers can now get back to work. These jobs are the backbone of the American economy and
the solar industry is creating them at a time when they are needed the most,” said Resch.
According to a new economic study by Navigant Consulting, Inc., the 8-year extension of the ITC
will create 440,000 permanent jobs and unleash $325 billion in private investment in the solar
industry. This study did not factor in elimination of $2,000 monetary cap on the residential credit,
so the actual job creation and investment could be even greater.
“This is a big boost for the residential market in particular, allowing homeowners to contribute to
our nation’s energy independence,” said Efird. “It also opens the floodgates for building large,
utility-scale solar power projects that need longer time frames to complete.”
To date, there are 27 such utility-scale solar power projects totaling 5,400 megawatts of power in
various stages of development; most were on hold due to uncertainty surrounding the expiring tax
credits.
Because solar energy components are manufactured near their markets, this extension will
create manufacturing and installation jobs in all 50 states. The states that will enjoy the largest
economic boost are California , Florida , Arizona , New Mexico , Nevada , New Jersey ,
Massachusetts , New York , Oregon , and Washington .
Similarly, the economies of Pennsylvania , Michigan , Ohio and the rest of the Great Lakes region
will grow significantly as a result of the extension. This area of the country has suffered greatly
from a huge decline in jobs in the automotive and traditional manufacturing industries.
According to the same study, more than 28 gigawatts of electricity will be produced from solar
energy by 2016 – enough to power more than 7 million homes.
Hot Water Heating installed at your next project?
Click on the link below for the NY State Tax Form
Link for Solar Equipment.
http://www.tax.state.ny.us/pdf/2007/fillin/inc/it25
5_2007_fill_in.pdf
Click on the link below for the NY State Tax Form
Link for Solar Equipment.
http://www.tax.state.ny.us/pdf/2007/fillin/inc/it25
5_2007_fill_in.pdf
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