Renewable energy will benefit from the Emergency Economic Stabilization Act of 2008.
The Emergency Economic Stabilization Act of 2008, more commonly known as the “bailout bill,” may bail out more than our economy. The bill includes significant support for clean energy programs that promise to create new green jobs and encourage the development of renewable energy.
- The bill extended for eight years a 30 percent tax credit for business and residential solar projects. It also removed the $2,000 cap on residential solar installations.
- Another provision of the bill benefits small wind installations by including a 30 percent tax credit for wind turbines with capacities of 100 kilowatts or less, also through 2016.
- The bill extended production tax credits for wind, solar and geothermal, which will encourage development of utility-scale renewable energy.
- The bill authorized $800 million in bonds for a wide range of energy efficiency research and projects.
The extension of these crucial tax credits for clean energy programs allows further development of renewable, clean energy technologies and enables utilities, businesses and residents to purchase or invest in more eco-friendly sources of energy.
Only time will tell whether or not the bailout is effective, but given these amendments for clean energy, at least the economy will get a green boost.