April 10, 2008

Senate Extends Renewable Energy Tax Credits, Hurdles Remain

The U.S. Senate has voted to extend tax credits for wind-power and solar-energy projects, adding them to a major housing bill, but it’s unlikely to become law in its current form due to concern it would add to the nation’s deficit, Dow Jones reports.

The House is opposed to this version of the tax-credit extensions, which are estimated to cost $6 billion over 10 years.

Under the Senate bill, companies could take a tax credit equal to 30 percent of the cost of buying solar equipment through the end of 2016.

Other tax credits include those for producing energy-efficient dishwashers, washing machines and refrigerators, and for residential purchases of solar hot water heaters and solar panels.

Earlier this week, 154 businesses and organizations - joined by 31 individual activists - urged members of the Senate to extend and expand a package of energy efficiency and renewable energy tax incentives because “time is running out.”

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