HUGE WIN SOLAR and WIND! Congress Agrees To Extend Solar And Wind Tax Incentive.
Member of Absolute Power Inc. hard at work.
By: Eugene Wilkie
"House Republicans unveiled legislation late Tuesday night that included multi-year extensions of tax credits for solar and wind." I swear I could hear a collective release of held breath when the news was announced that Congress had included extending the solar tax credit. I really like the fact that it was negotiation of a commodity that is our direct competition. Fossil fuel wanted something and the renewable industry used it as an opportunity to negotiate. This will have tremendous positive consequences for the wind and solar industry. It is up to the industry to take this moment and and use it to set ourselves up to make this industry sustainable even in the face of no incentives. We are very close and it CAN be done. For full article go to greentechmedia.com [Excerpt] The credit extensions were attached to a broad set of spending measures as part of a negotiation with Democrats over lifting the ban on exports of U.S. crude oil. Rhone Resch, president of the Solar Energy Industries Association, predicted in November that solar tax credits would likely be added to any deal around lifting the oil export ban. He called it "our best opportunity." This month, Republicans demanded an end to the 40-year-old ban as part of a legislative tax and spending package that would fund the government through next fall.Although many Democrats oppose ending the ban, they saw it as an opportunity to demand extensions of the Investment Tax Credit (ITC) for solar and the Production Tax Credit (PTC) for wind. Yesterday afternoon, Democratic leaders said they would only support the Republican proposal if renewable energy credits were added to a tax or spending bill. The PTC -- a 10-year, 2.3-cent per kilowatt-hour credit -- would be extended through 2020. After December of 2016, the credit would be cut each year until it fully expired in 2020. The ITC -- a 30 percent credit for utility, commercial and rooftop solar installations -- would get phased down through 2022. The credit would stay at 30 percent through 2019, and then fall to 26 percent in 2020. It would drop to 22 percent in 2021 and 10 percent in 2022. The bill also offers a commence-construction clause that would extend the credit to any project in development before 2024.
Hang on folks your about to see a industry that has been growing at unprecedented rates grow into one of the number one employment instruments in the U.S. if not world economy.