Scientific American Earth 3.0: Energy vs Water; HR 1424 and the solar industry

Scientific American Energy and Water

Check out this free version of the Scientific American Earth 3.0: Energy vs Water .
Very informative.


HR 1424 and the solar industry

The passage of H.R. 1424, the Emergency Economic Stabilization Act of 2008, provides critical news for the solar industry at large, but also for regulated electric utilities looking to diversify their energy mix with solar electric generation. In addition to extending the federal solar investment tax credit (ITC) for 8 years, the legislation includes the removal of a prohibition that previously prevented electric utilities from taking advantage of the credit.

With the policy change, utilities that have a tax appetite and an interest in owning solar generation projects now have an added incentive to diversify and clean their energy supply with the addition of solar power.

The bill measures include an extension for 8 years of the 30-percent tax credit for both residential and commercial solar installations, elimination of 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), elimination of the prohibition on utilities from benefiting from the credit, allowance for Alternative Minimum Tax (AMT) filers, both businesses and individuals, to take the credit, and authorization of $800 million for clean energy bonds for renewable energy generating facilities, including solar.

For more information:

H.R. 1424 Bill Summary, H.R. 1424 Full Bill Text, and the govtrack website


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