House Approves Bill to Extend Tax Credits

March 13, 2008
The U.S. House of Representatives recently approved a bill that extends tax credits for renewable energy set to expire at the end of 2008.

The U.S. House of Representatives recently approved a bill that extends tax credits for renewable energy set to expire at the end of 2008. The bill, which passed 236-182, would give $8 billion in tax breaks through 2011 to companies that produce new electricity from natural sources, such as wind, geothermal, biomass, and hydropower. A 30% credit for investments in solar products and fuel cell technology would be effective through 2016.

The bill extends a credit of 1.9 cents per kilowatt hour of electricity produced through renewable sources, which could add up to thousands of dollars for $1 million or more to projects of varying sizes. The bill also contained financial incentives for energy efficiency, offering tax credits of $4,000 to $6,000 for families to buy plug-in hybrid cars and a break for the purchase of power-saving home appliances.

Earlier bills were voted down in the Senate. Supporters of the House bill argue the tax credits are necessary to provide long-term stability for renewable energy ventures.

Voice your opinion!

To join the conversation, and become an exclusive member of EC&M, create an account today!

Sponsored Recommendations

Electrical Conduit Comparison Chart

CHAMPION FIBERGLASS electrical conduit is a lightweight, durable option that provides lasting savings when compared to other materials. Compare electrical conduit types including...

Fiberglass Electrical Conduit Chemical Resistance Chart

This information is provided solely as a guide since it is impossible to anticipate all individual site conditions. For specific applications which are not covered in this guide...

Considerations for Direct Burial Conduit

Installation type plays a key role in the type of conduit selected for electrical systems in industrial construction projects. Above ground, below ground, direct buried, encased...

How to Calculate Labor Costs

Most important to accurately estimating labor costs is knowing the approximate hours required for project completion. Learn how to calculate electrical labor cost.