Solar, Wind Energy Tax Credits In Senate Stimulus Plan

http://news.morningstar.com/newsnet/ViewNews.aspx?article=/DJ/200801301726DOWJONESDJONLINE000873_univ.xml

WASHINGTON -(Dow Jones)- Solar and wind-power companies won support Wednesday for a one-year extension of key tax credits, as a Senate panel included the tax breaks in an economic stimulus package.

The Senate Finance Committee agreed to an economic stimulus bill Wednesday that would extend tax credits for new wind and solar projects through the end of 2009. The ultimate fate of the measure remains uncertain as President George W. Bush is trying to pressure the Senate to agree to a more limited bill passed by the House.

Unless Congress acts, the renewable-energy tax credits will expire at year's end. Companies have said that if lawmakers delay for too long, companies might pull back on new projects on the chance that new wind or solar systems might not be up and running in time to benefit from the tax credits.

Under the Senate Finance Committee's measure, wind-generation companies would receive a tax credit, currently 2 cents per kilowatt hour of electricity generated, for each new wind turbine that goes into operation through 2009. The tax credit, which also would apply to electricity from geothermal and other sources, would cost $3 billion over 10 years, according to a document summarizing the details.

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...that is supposedly so very, very important that they had to work across the aisles.

Frankly I much prefer this flavor of corporate tax break to many others.

More tax breaks for corps, still no stimulus for the poor, homeless, and disabled.

What i want to see is tax credits for PEOPLE who generate electricity, not COMPANIES. I put a lot of juice into the grid during the summer months, i'd even take rollover credit. Instead they charge me retail rates, pay me commercial rates for what i generate (one tenth what i pay retail), my bill will only go down to zero (they never owe me money even if i generate a surplus), there is no rollover from my surplus months, and the paperwork is ridiculous.

:shrug:

i mean it's nice to "inspire" alternatives, but we give enough tax breaks to companies already...

...was that unlike the rest of the bunch, his energy plan payed a good amount of attention to putting power generation in the hands of the people through home systems.

However, this is still a good step to take, and it was an outrage when they let the whiny repukes strip it from the energy bill. Better to support this than just sit here complaining.