The Perfect Solar Storm
Major changes were made recently, to the incentives available for solar power. That, coupled with PG and E's latest rate hikes, are expected to tremendously increase the demand for solar power.
What's New:
- The Investment Tax Credit, for residential solar power, has been expanded to 30% of a systems cost, and is no longer capped at $2,000! This means that most new solar customers will receive over $10,000 in additional tax credits. Best of all: The new tax credit for solar is immune to the alternative minimum tax!!!
- PG&E Rates have risen again as of Wednesday. The new tier 5 price is over 41 CENTS per kilowatt-hour!
- These 2 factors are expected to push the demand for solar power to new highs, and will further accelerate reductions in rebate levels for solar power.
The time to own your own solar power system has never been better than now. Don't miss out on today's great rebates, because tomorrow they may be gone.
Let us lock in your rebate today!
These major changes have created a very real sense of urgency. If you are serious about going solar, we would like to make sure you are able to get the largest rebate possible for your system. If you wait too long, you could miss out on thousands of dollars in rebate money.
Contact ts today!
We have included additional information so that you can see the amount of buzz being generated by the extension of the investment tax credit.
Firday October 3, 2008
Dear Friends:
It is finally time to celebrate. Congress just passed a long-term extension of the solar investment tax credit. An 8-year extension of both the commercial solar tax credit and the residential solar tax credit (with removal of the monetary cap), passed the Senate (74-24) on Thursday and the House (263-171) this afternoon. The President is set to sign the bill into law shortly.
It's been a long road and we want to thank each of you for adding your voice to this campaign; the consistent public pressure saved this credit. We also want to give props to the hard working folks at the Solar Energy Industry Association who walked the halls of Congress day in and day out for two years rallying support for this vital tax credit. Thanks to all of you over 440,000 jobs will be created in the solar field in the next 8 years, and over $232 billion of investment will be pumped into our economy. Now that's economic stimulus.
A Note on the Bailout Discussion
The solar investment tax credit, and the rest of the clean energy tax incentives, passed as part of the 'Economic Stabilization' bill. When we sent out on email on this development on Wednesday, we received dozens of thoughtful, well-articulated responses challenging us for 'supporting the bail-out package.'
Would like to take a moment to clarify our position on this. Vote Solar doesn't have a position on the bailout. When the ITC was included in the bailout package that the Senate chose to move, we decided to send out the email because we felt obligated to tell our membership about potential game-changing developments regarding solar so that you could act as your conscience dictated.
Like you, we would have preferred a clean stand-alone renewable energy bill. The reality though is that federal politics is rarely a clean process. The renewable energy tax incentives have been held hostage to a larger political debate all year--with 15 previous votes and no results--and this latest iteration is no exception. This is one of the main reasons why 95% of our efforts are on state-level policies, and we are very much looking forward to continuing our work there to take advantage of the boost that the passage of the ITC provides. I would be happy to discuss this issue further with any of you, and can be reached at (415) 817-5063.
Onwards,
Annie and the Vote Solar Team
The Vote Solar Initiative
300 Brannan Street, Suite 609
San Francisco, CA 94107
http://www.votesolar.org
Dear SEIA Member,
It has been a long time coming, but we have finally achieved victory on the ITC. Today, by a vote of 263-171, the U.S. House of Representatives passed historic legislation that extends the 30-percent federal investment tax credit for both residential and commercial solar installations for 8 years. This landmark legislation is part of H.R. 1424, the Emergency Economic Stabilization Act of 2008, designed to address the U.S. financial crisis. It is the most significant federal policy ever enacted for the solar industry. President Bush has indicated that he will sign the bill into law. The Senate passed the bill on Wednesday night.
The solar tax credit provisions will:
- Extend for 8 years the 30-percent tax credit for both residential and commercial solar installations;
- Eliminate the $2,000 monetary cap for residential solar electric installations, creating a true 30-percent credit;
- Eliminate the prohibition on utilities from benefiting from the credit;
- Allow Alternative Minimum Tax (AMT) filers, both businesses and families, to take the credit; and
- Authorize $800 million for clean energy bonds for renewable energy generating facilities, including solar.
...
Success has not come easy. It required a strategic campaign that included a committed board, active membership, and dedicated SEIA staff, all focused on one goal. It took seven votes in the House and 10 votes in the Senate, but in the end, Congress came through. I would like to personally thank everyone that took the time out of their busy schedule to be part of this historic campaign. This effort has introduced SEIA as a major energy player on Capitol Hill.
Achieving this result has been the main policy focus of SEIA for two years, but our work is just beginning. Next year in the 111th Congress, SEIA will be a major voice on issues ranging from transmission, global warming, and national renewable electricity standards. Success on all of these issues will require that same coordination and effort from SEIA's board, staff, and members. I look forward to the work to come. Congratulations and see you in San Diego for the celebration.
Sincerely,
Rhone Resch
SEIA President
