Last week Matt alerted us when the U.S. Renewable Energy Tax Incentive Extension was "signed Into law."
In Brief, What’s Been ApprovedInterested in which angelic industries lobbied hard to save our earthly Paradise Almost-Lost from the Clean-Coal Devils and the Drill-Baby Demons? Look below the fold for details. See how many angels you can count dancing on the head of the Investment Tax Credit (ITC) extension, as included in The Emergency Economic Stabilization Act of 2008. (Note: devilishly hard to keep track of the nomenclature of rapidly written/amended bills. We speak of the same thing throughout, though.)Stationary fuel cells get a boost.
Wind power tax credits have been extended for one year; other types of renewable energy such as small-scale hydro or tidal power have been extended for two years. The bigger news is that solar tax credits for businesses and residential installations have been extended for eight years. The entire package amounts to $18 billion in tax credits and will be partially paid for by closing tax loopholes for the oil and gas industry.
Customers purchasing fuel cells can now receive a credit of either $3,000 per kilowatt or 30 percent of the capital cost, whichever is lower, an increase from the prior ITC of $1,000 per kilowatt or 30 percent. Additionally, utilities are now entitled to utilize the ITC when purchasing fuel cells.Via:Electric Light And Power, Federal Investment Tax Credit Extension for FuelCell Energy Power Plants Passes Into Law-ITC Extension Through 2016 and Increase to $3,000 Per Kilowatt Credit Expected to Spur U.S. Sales of Company's Products
"The ITC extension supports the increased deployment of alternative power generation in the U.S. by offsetting the cost of acquisition and ownership," said R. Daniel Brdar, Chairman and CEO of FuelCell Energy. "The new eight-year term will encourage developers and utilities to propose new fuel cell projects because they can accurately forecast project economics."
There's more really good news for residential solar:
The extension lifted a previous $2,000 cap on residential installations – meaning residential projects will qualify for a 30 percent credit no matter the size of those systems.
Money for renewables can flow up-current from the utility industry.
Utilities for the first time will also be eligible for the credits, something the utility industry been urging Congress to approve for years.
Green Jobs win:-
The eight-year extension is expected to create more than 400,000 jobs nationwide, with 214,000 of those in California alone. Via::BizJournalsGreen, Massive solar credit OK'd with bailout
See the entire renewables portion of the bill on OpenCongress
Image credit::VintageViews, THE BATTLE OF THE ANGELS, Gustave Dore, Paradise Lost, 1870 Antique Engraving
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