Longer Term Solar Tax Credit Extention Sought

I'm a bit late on on this one, but last week, senators Gordon Smith (R-OR) and Ken Salazar (D-CO) introduced legislation to stimulate investment in solar power.

Bill S.590, dubbed the "Securing America's Energy Independence Act," was proposed to finally put an end to the current routine of extending temporary tax credits for solar energy and other renewables, by extending solar energy investment tax credits for homeowners and businesses through 2016. Under current law, the credits are set to expire at the end of next year. Excerpt from the SEIA press release follows:

A long-term extension is essential to reducing the cost of solar energy, as it would create market conditions that allow solar companies to make investments and drive down costs through economies of scale. A longer duration will also be needed to help stimulate the development of large-scale concentrating solar power projects.

SEIA estimated that a long-term credit extension would create approximately 55,000 solar industry jobs by 2016 and encourage states to invest billions of dollars in renewable energy infrastructure. Solar energy would displace four trillion cubic feet of natural gas under the bill, saving American consumers $32 billion over equipment lifetimes.

Read the remainder of the SEIA release here.

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