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.
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