Good News Everybody

The Renewable Energy Investment Tax Credit (ITC for short) has passed, and better, it’s been renewed until 2016, and they increased the caps on how much you can claim for the credit.  This is great news, but especially for solar energy as dozens of very large products were waiting to see if that went through or not.  It also looks like some of the wish list items got through including raising claimable amounts for individuals, making the extension 8 years instead of 8 one year extensions, and allowing for some retroactive credits for facilities already already producing power.  We’ll have to wait and see for all the details, but this is good no matter how you slice it, and this will drive up demand for solar energy drastically.

Mark my words, 2009 will be remembered as the Renewable Energy Year in the US.  If you weren’t sure if you were going to just into the market before, now is definitely the time.

Green Wombat has a good short summary, and there’s a little more detail in this article.

I’d be celebrating if I weren’t so busy.


7 responses to “Good News Everybody

  1. May I add that Wind and Other renewables were extended for 1 year.

    Definately a difference between solar’s tax credits. Baring in mind that solar is still relatively in its infancy, I still think this is a huge step to providing and furthering the sustainability of solar energy. The fact that it is extended to 2016 is indication that US wants to keep solar as the renewable energy of choice for years to come!!

    Things look bright MS CREW!

  2. But very sadly, apparently the House has put a vote on the bill.

    We’ll have to wait for a compromise.

    Why is it all good things always come so hard…

  3. The vote was a surprise, and I think allot of people are holding their breath with this whole banking crisis thing too. Leeman Brothers and others have quite a bit invested in solar… crazy times.

    Still, even with the vote, this looks likely.

  4. Renewed HOPE!

    The bill was approved but senate and house couldn’t agree on the right version. The meeting was adjourned and it looked like there would be no credits for Renewable Energy until after the US elections.

    BUT THE GOOD NEWS HAS ARRIVED! Senate has included the bill into the biggest and most URGENT bill there is. the 700 billion bailout bill!

    I am willing to bet that the house will pass the bill this time around. That means after all the work, 18 billion over 10 years will finally go into the renewable market!

    Just have to wait on the house! this makes it a Pro Bailout = Pro solar situation.

  5. I almost wish I were American sometimes so I could call my Congressman and Senator. How can they STILL be dragging their feet over this.

  6. hahahah thats a pretty big wish Nic haha. Becareful what you wish for.

    Lets keep our fingers crossed

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