The renewable energy tax credits are here to stay

The House approved the energy tax credits after rejecting them only a week ago. The tax credits will go to businesses and residents who invest in renewable energy, from building and operating solar and wind power plants to installing small-wind turbines on residential properties.

“By passing this bill, Congress has finally given the solar energy industry ‘policy certainty’ that will attract investment, expand manufacturing and lower the cost of solar energy to consumers,” said Roger Efird in a statement. “This will allow companies like mine to move forward with expansion plans to serve the growing U.S. market.”

The bill the House approved Friday calls for investment tax credits for solar developments for eight years. And unlike the current tax-incentive program, the new one will allow utilities to take advantage of the incentives. The bill also includes production-tax credits for renewable-energy power plants that already are generating electricity. The legislation extends the production-tax break by one year for wind and by two years for solar, biomass and hydro power.

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