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Economy's Pain, Solar's Gain
While we've been glued to CNBC (oh, hai Jim Cramer, Suze Orman!) and stuffing greenbacks under the mattress (you think I kid?), Congress managed to work some pro-solar legislation into the bailout rescue bill.
Green Wombat has a nice little rundown of what it means to the solar industry. Here are two of the biggies:
The 30% solar investment tax credit has been extended to 2016, giving solar startups, utilities and financiers the certainty they need for the years’ long slog it takes to get large-scale power plants and other projects online. The extension is particularly important to those Big Solar projects that need to arrange project financing in the next year or so.The $2,000 tax credit limit for residential solar systems has been lifted, meaning that homeowners can get a 30% tax credit on the solar panels they install after Dec. 31. That will save a bundle - especially for those who live in states with generous state rebates - and goose demand for solar panel makers and installers like SunPower (SPWRA) and First Solar (FSLR). (If you buy a $24,000 3-kilowatt solar array in California - big enough to power the average home - you can claim a $7,200 federal tax credit. Add in the state solar rebate and the cost of the system is cut in half.)
Those harnessing power from the wind only got their tax breaks extended for a year, sadly. But judging by the way turbines are sprouting out of the ground (and sea) lately, they should be OK.
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