After a disastrous few weeks on Wall Street, the renewable energy industry has come out a winner. It seems there’s always a silver lining in even the worst developments.
The long-awaited extension of the Production (PTC) and Investment Tax Credits (ITC) were finally passed as part of the Emergency Economic Stabilization Act of 2008 (H.R. 1424) and have now been signed into law by President Bush. The tax credit package, which is the same that passed the Senate on September 24, will extend the PTC for one year and the ITC for eight years. The extensions would be at least partially paid for by a change in the tax code for the oil and gas industry. The bill also contains removal of the US $2,000 cap for residential solar installations.