The Emergency Economic Stabilization Act of 2008, the “bailout bill,” has received its share of criticism. Rightfully so, in my opinion. But it’s not all bad. Clean energy programs are a good part of the bill in that they will not only create new green jobs, but they will also encourage the pursuit of renewable energy.
Are you aware of the 30% tax credit being extended over an eight year period for solar projects? While there once was a $2,000 cap on solar installations in homes, this cap has been lifted. Production tax credits for solar, wind and geothermal aim to promote development of utility-scale renewable energy. A 30% tax credit is also being extended for wind turbines with capacities of up to 100 kilowatts.
$800 million in bonds has been earmarked for a plethora of energy efficient projects and research.
What does this mean?
Are you aware of the 30% tax credit being extended over an eight year period for solar projects? While there once was a $2,000 cap on solar installations in homes, this cap has been lifted. Production tax credits for solar, wind and geothermal aim to promote development of utility-scale renewable energy. A 30% tax credit is also being extended for wind turbines with capacities of up to 100 kilowatts.
$800 million in bonds has been earmarked for a plethora of energy efficient projects and research.
What does this mean?
- There will be an increase in renewable, clean energy technologies
- Utility companies, businesses and residents can purchase or invest in greener sources of energy
Will the bailout bill produce the results it’s after? Probably not in all cases. But at least the government is demonstrating a conscientiousness toward environmental issues by including these tax credits in the bill. We can only hope for the best!
Keeping it green,
Hana
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