Congress Extends Renewable Energy Tax Credits
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Some $18 billion in renewable energy tax credits have been extended as part of the economic recovery package signed into law early this month.
Businesses and consumers stand to gain, as do most forms of renewable energy, reports Radiant & Hydronics.
The 30% tax credit for residential and commercial solar energy installations was extended for another eight years and a $2,000 cap was removed on residential applications.
The Renewable Energy Production Credit for wind power was extended to 2010. For biomass, geothermal, solar and hydro power, the credit now runs until 2011.
The R&D tax credit was extended for two years, a move that industry advocates say should help attain the highly skilled workers needed to compete with foreign competitors.
The International Association of Plumbing and Mechanical Officials
reports that a deduction for commercial buildings that meet certain energy standards has been extended through the end of 2013.
For more information, see RadiantandHydronics