Congress passes solar tax credit - 10/3/2008

[Kolesar]

Source: East Bay Business Times

California solar power companies are breathing a sigh of relief as Congress on Friday passed a solar tax credit that could provide billions in future funding.

The renewable-energy Incentive Tax Credit bill was attached to the larger $700 billion Economic Growth and Financial Stabilization Act of 2008, which passed on a 263-171 bipartisan vote and was signed by President George Bush a few hours later.

The tax credit portion of the law beefs up and extends an expiring tax credit for renewable-energy projects. It extends a wind power credit for one year, extends geothermal and biomass energy credits for two years, and provides incentives to the solar industry -- such as the removal of a $2,000 credit cap for residential solar installations -- for eight years, until 2016.

Other provisions include $800 million for clean-energy bonds. The total package is worth $17 billion over eight years.


Read more: http://www.bizjournals.com/eastbay/stories/2008/09/29/daily107.html

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This had to go into place "soon enough" so that it could be in the 2009 tax code.
And it is! :bounce: Solar/photovoltaics got an eight year extension: I think that solar is the most promising alternative energy that can be applied by a homeowner or small business.

All this is just before the National Solar Tour this weekend on Saturday !! Go see some installations and dream. --> www.ases.org

[Piewhacket]

1. OK, ok... bouncing solar... but lets look at some rough numbers...

First, good news: solar is a good idea. You know, its like, well... green.

Second, bad news: it requires CAPITAL. About $15,000 per household. IN CASH UP FRONT TO
BIG OIL (who own all the patents and manufacturing - what do you think they did with all
that money they stole from us, duh).

Third, tax credits are no big deal. A 30% credit on a $15,000 solar roof for a $60,000/yr AGI
household (assumed 15% tax bracket) would be about (somebody check me) 15% of 30% of $15,000
= a whoppin $675 given back a year later in inflatodollars (next year that will be worth $6.75
in todays dollars). Woo Hoo.

Its "something", sure, but it ain't going to green up america as much as it "greens up" Mobil.
Get it?

We need some serious shit. Terminate (limit) all patents on solar devices. National emergency.
Now we're talking.

[truthisfreedom]

2. If you limit patents on solar you'll destroy incentive. Look at nanosolar.com. Here's a company

that ISN'T owned by the big energy companies. It's completely independent and makes the most revolutionary solar systems ever.

[Stellabella]

4. No, not all of them are owned by big oil.

My father in law has a solar company, which was basically cut to the ground when that asshole Reagan stopped all of Carter's solar initiatives. And he's picking it back up again.

[OKthatsIT]

7. So many have no idea what Reagan did to US - after all that work

The EPA really meant something...and we were cleaning up - FAST.

The the bastards pulled the plug.

[Piewhacket]

9. 99 and three-quarters percent % big oil (big energy)

ANY tech (including nanosolar) will be sucked up
(I think they already have been). They will bleed us
with solar as they have with oil. Don't make me explain
how big monopoly/cartels work, or I'll think I'm talking
to clueless repuks, which I've decided I'm done doing.

To break the stranglehold we have to severely limit the
monopoly rights on green energy tech (solar), punitively
whack non-green tech (OIL), and encourage (by laws) serious
competition with existing tech. The day of the smaller guy
should arrive (added benefit - dilutes power which has corrupted
our political system). The competition will create the
innovation. Capital will be put up by the people who
finance EVERYTHING.... us.

Oh. Profits. They have to be limited in energy arena.
Sorry. 1 katrillion dollars max. No more $5000 katrillon
obscene profits. Its a war crime. War profiteering. Death
penalty (ride the mare of steel). What war? The war on
global warming. Dammit, the time to do this has arrived!

A few ideas, off the top, for what they are worth.
I thought you guys were serious about this stuff? Are you?
Just call me the "green" candidate.

[Stellabella]

10. Sorry, I'm not a repuke.

And I didn't say that there wasn't a monopoly on solar by big oil. I simply stated that my father in law, who is a democrat and who isn't a huge oil company, has a solar energy company.

[Piewhacket]

11. Glad you know ye then,

Sometimes I hit hard, but the punch wasn't really aimed at you Stellabella.
Small energy firms are exactly what we need instead of mega-energy firms.
We need to partially dismantle the cartel of mega-energy.
So, success to your father in law.

Some few 'republicans' posess high principles, scruples, and honorable
character. But they have become marginalized in the repuklien party.

For mainstream repukes there is no point to 'reasoned debate' of issues, they are
driven by agenda, not reason. A repulsive, destructive agenda of greed and criminality.
The matter is past debate, they have left the rubble of our country in their wake.

We are now engaged in the midst of a LAWFUL CIVIL REVOLT, a power struggle to change the
direction of our country, and to do that we are obliged not merely to refute, but to CRUSH failed
policies of a criminal enterprise as well to CRUSH the advocates and practitioners
of those policies. The matter is far past any debate.

BOLD action is required. We cannot count on Obama or anyone else to carry all our
water. We are obliged to pressure our representative with BOLD ideas in a NEW
direction. Here we either nationalize energy and health care, or we break the back
of their lobby power. One or the other. But as far as I am concerned the 'debate'
with repukliens is over.

[Stellabella]

12. Yes, I agree.

This country is so splintered between Democrats and Repukes that I don't think that it will ever be put back together again. I don't know when repukes got so angry: they've basically been in control for 40 years. But there isn't a discussion of issues anymore - it's just yelling.

[roody]

3. I am glad. I intend to install solar hot water

and radiant heat. Already have the electric.

[Zorro]

5. Not much help for people who installed solar this year

Congress, in their infinite wisdom, included a clause to not have the $2K tax credit cap removed until the new year.

We installed solar earlier this year, and was looking forward to a 30% tax credit on the installation.

[Jersey Ginny]

6. Me too. Geez, that is bad timing for us. I am liking the payments for SREC's in NJ though

My system was a 35K system that cost me about 14K to install. Without the clean energy program up-front subsidies, the cost would have made made getting solar impossible. More needs to be done to help the average person purchase a system.

[Zorro]

8. The tax credits/rebates definitely help

Sounds as if you got a great deal on your system. Ours was $30K, but got $8K rebate from the state (Cal). A 30% federal tax credit would have been a nice windfall vs. the $2K cap.

We probably wouldn't have jumped for it if the rebates etc. weren't available, because it's a pretty significant investment. But it is nice knowing that there's no more electric bills for us.