Benefits of the Bailout Bill for Green Consumers
So say what you like about the bailout bill that was passed last week in the House, but it includes some pretty excellent benefits for those of us Americans looking to embrace energy-saving and renewable energy. The bill makes it cheaper for us to go solar or to get a plug-in hybrid. Here’s a summary of the incentives included in the bill, courtesy ofGreen Wombat,The New York Times, and Speaker Pelosi’s website. To read the text of the legislation itself, click here.
+ The 30% solar investment tax credit has been extended to 2016, giving solar startups, utilities and financiers a major boost for bringing large-scale power plants and other projects online.
+ The $2,000 tax credit limit for residential solar systems has been lifted, meaning that homeowners can get a 30% tax credit on the solar panels they install after Dec. 31, 2008. That will save folks who want to install a system serious money — especially for those who live in states with generous state rebates. (If you buy a $24,000 3-kilowatt solar array in California — big enough to power the average home - you can claim a $7,200 federal tax credit. Add in the state solar rebate and the cost of the system is cut in half.)
+ The bill also includes tax credits of $3,000 or more toward the purchase of fuel-efficient, plug-in hybrid vehicles. To learn more about plug-in hybrids, click here.
+ There are also incentives for the production of homegrown renewable fuels, such as biodiesel and renewable diesel, and for the installation of E-85 pumps for consumers to fill up flex-fuel vehicles.