U.S. Congress passes legislation to boost solar, wind, and geothermal energy
September 24, 2008
Tuesday the U.S. Senate passed a bill that will extend tax credits on solar power installations through 2016. The House approved the measure Wednesday.
The $17 billion package will allow businesses and homeowners to deduct part of the cost of new solar installation from their income tax. The legislation would also extend incentives for wind power for one year and geothermal and biomass for two years. The tax credits would have otherwise expired at the end of the year.
The energy legislation allows taxpayers to claim a credit of up to $7,500 for purchasing plug-in electric cars and there are incentives to use smart meters to improve energy efficiency.