Government / Industry

Solar Power and the Economic Stimulus Package

Solar Power and the Economic Stimulus Package

With the solar power industry looking down the barrel of a tough 2009 it definitely has high hopes for Barack Obama’s economic stimulus package. The question is, what exactly can the solar power industry expect to receive?

Considering President Obama’s long-term energy plans involve seeing solar energy production doubled, you can expect to see a serious solar power booster shot.

Currently, both the Senate and the house are each entertaining a package for the solar power industry. It is possible that both will be approved.

The house bill would prove invaluable to the solar industry. It would see those who purchase solar panels get refunds in the form of grants as opposed to tax credits for their purchase. The tax credits were a great incentive back when companies were healthy and flush with cash and making so much that write offs were actually valuable. Now investments need to pay and a simple tax credit is no longer much of an incentive.

The Senate bill targets manufacturing as opposed to purchasing. It would exist in the form of a tax credit for solar power technology manufacturers and keep U.S. companies competitive.

Here’s to hoping that both incentives see the light of day. This could be a major turning point for the solar industry in the U.S. and with the right stimulus we could see solar power and other forms of renewable energy take their rightful place in the forefront of energy production.

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