Deciding week for fate of renewable energy in US

This week the U.S. Senate will vote on legislation to extend tax credits for using renewable energy sources for commercial and residential use.

The Senate is expected to achieve the extension of tax credits at the end of this week. The bill will be sent to the House of Representatives. Solar industry hopes that the House of Representatives will vote on legislation to extend tax credits quickly without changes before Friday, otherwise the renewable energy tax credit will expire at the end of December.

What is under the Bill?

The tax credit for wind produced electricity would be extended for one year. The wave and ocean tide projects that generate electricity, would be extended for two years.
Businesses who invest in solar, wind, geothermal and ocean energy equipment would get a 30 percent tax credit for eight more years.

Homeowners would also get a 30 percent tax credit for eight additional years, for the cost of installing solar equipment at their residences. Homeowners could also get a tax credit of up to 10% of the cost of all qualified energy efficiency improvements.

The tax credit for solar energy investment would be extended for 8 years for residential as well as commercial. The $2000 cap would be completely eliminated for residential installations. The extension tax credit could increase investment in billions and create more than a million direct jobs in the construction and installation industries.

Nevada democrat says if the tax credit extension will pass then Nevada will benefit from this 8 year extension of credits. The agreement will create more than 10000 jobs in Nevada and nationwide. This agreement will provide 2 year extension of the production tax credit for electricity produced by geothermal.

The bill includes a new tax credit for owners of plug-in hybrid vehicles. It also extends the deduction for state and local sales taxes for two more years benefiting the residents in states that do not impose an income tax.
To find out more about tax credits in U.S. or any other country click here.