While bailing out Wall Street this week, Congress also jump-started the renewable-energy industry.
Investment tax credits included in the financial rescue bill passed by the House and signed by President Bush Friday will be available for an array of renewable-energy systems. The bill is expected to benefit small businesses, manufacturers and large energy producers.
A report prepared for the Solar Energy Industries Association predicts 15,000 new “green” jobs in Arizona over the next eight years.
Under the plan’s terms, homeowners can qualify for a federal tax credit that equals 30 percent of a photovoltaic system’s cost beginning Jan. 1. The current cap of $2,000 is removed. In addition, business owners will no longer trigger payment of an alternative minimum tax by claiming the credit, said Jake Stephens of U.S. Solar.
Read more at: http://www.azstarnet.com/metro/260800