Eight (8) Year Solar Tax Credit Extension signed into Law.

Eight (8) Year Solar Tax Credit Extension signed into Law.

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 already signed the bill into law.

The solar tax credit provisions will:

· Extend for 8 years the 30-percent tax credit for both commercial and residential 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.