Solar Tax Credits Also Extended

The Solar Electric Power Association also weighed in on provisions in HR1424 that will have a positive impact on that form of alternative energy.

According to their press release, the solar investment tax credit provisions in the bill include:

1) Extension for 8 years of the 30% tax credit for both residential and commercial solar installations;

2) Elimination of the $2,000 monetary cap for residential solar electric installations, creating a true 30% tax credit (effective for property placed in service after December 31, 2008);

3) Elimination of the prohibition on utilities from benefiting from the credit;

4) Allowance for Alternative Minimum Tax (AMT) filers, both businesses and individuals, to take the credit; and

5) Authorization of $800 million for clean energy bonds for renewable energy generating facilities, including solar.