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Yahoo!That $700 billion bailout package our Congress recently passed was about credit and, it turns out, credits. Among its many and various tax provisions, it contains loads of tax credits for renewable energy, cleaner energy, and energy conservation for both individuals and businesses. This part of it is the Energy Improvement and Extension Act of 2008.
There will be extended or new tax credits for production of energy from the sun, wind, biomass, geothermal, hydropower, waves, tides, landfill gas and solid waste; and for the purchase of plug-in hybrid and electric vehicles. There are also incentives for cleaner coal, carbon capture and sequestration, and other fossil fuel-oriented technologies; for energy conservation in buildings and for energy efficient appliances. Companies who manage waste will get new benefits from purchasing equipment used in recycling processes.
The residential solar tax credit, previously capped at $2,000, will now be 30 percent of the cost of the system - a fantastic incentive for people considering photovoltaic systems for their homes. When the plug-in hybrids become available (some would have a range of miles driven without using any gas) their cost will effectively drop at least $2,500, thanks to this legislation. And here's a little sweet nut hidden in the hundreds of pages: Employers are being offered a bit of a tax break for reimbursements to employees who bike to work!
Let's hope that passage of this bill will have as good an effect on the economy as it will on our energy infrastructure.
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EnergyRevolution (anonymous profile)
October 29, 2008 at 5:15 p.m.
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