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Solar Investment Tax Credit PDF Print E-mail
Written by The Vote Solar Initiative   
Sunday, 05 October 2008
It is finally time to celebrate. Congress just passed a long-term extension of the solar investment tax credit.  An 8-year extension of both the commercial solar tax credit and the residential solar tax credit (with removal of the monetary cap), passed the Senate (74-24) on Thursday and the House (263-171) this afternoon.  The President is set to sign the bill into law shortly.

It's been a long road and we want to thank each of you for adding your voice to this campaign; the consistent public pressure saved this credit.  We also want to give props to the hard working folks at the Solar Energy Industry Association who walked the halls of Congress day in and day out for two years rallying support for this vital tax credit.  Thanks to all of you over 440,000 jobs will be created in the solar field in the next 8 years, and over $232 billion of investment will be pumped into our economy. Now that's economic stimulus.

A Note on the Bailout Discussion

The solar investment tax credit, and the rest of the clean energy tax incentives, passed as part of the 'Economic Stabilization' bill. When we sent out on email on this development on Wednesday, we received dozens of thoughtful, well-articulated responses challenging us for 'supporting the bail-out package.'

Would like to take a moment to clarify our position on this. Vote Solar doesn't have a position on the bailout. When the ITC was included in the bailout package that the Senate chose to move, we decided to send out the email because we felt obligated to tell our membership about potential game-changing developments regarding solar so that you could act as your conscience dictated.

Like you, we would have preferred a clean stand-alone renewable energy bill.  The reality though is that federal politics is rarely a clean process. The renewable energy tax incentives have been held hostage to a larger political debate all year--with 15 previous votes and no results--and this latest iteration is no exception.  This is one of the main reasons why 95% of our efforts are on state-level policies, and we are very much looking forward to continuing our work there to take advantage of the boost that the passage of the ITC provides.  I would be happy to discuss this issue further with any of you, and can be reached at (415) 817-5063.

ARTICLE CONTRIBUTED BY:

NANCY HAZARD, CHAIR OF THE GREENING GREENFIELD CAMPAIGN

 
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