Press Release from Solar Energy Industries Association
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June 28, 2005 |
"This legislation supports individual Americans who make a real contribution toward US energy independence by buying solar." -- Rhone Resch, President, Solar Energy Industries Association
The Senate bill establishes a 30 percent residential energy credit for solar
for four years. For residential systems, the tax credit is capped at $2,000. The
bill also increases the permanent 10 percent business energy credit for solar to
30% for six years. Eligible technologies include photovoltaics, solar water
heaters, and concentrating solar power. The business credit reverts back to the
permanent 10 percent level after six years.
The Solar Energy Industries Association (SEIA), representing over 700 companies
and 20,000 employees in the US solar energy industry, applauded the inclusion of
tax credits for solar power as the industry's top legislative priority in the
Energy Bill. Industry leaders said the legislation would help cut the cost of
solar power by half, create 20,000 new American jobs, and save US consumers more
than $12 billion on electricity and natural gas bills in the next decade.
"With natural gas and electricity prices skyrocketing, Americans are
looking to their government to speed the growth of domestic energy
sources," said Rhone Resch, SEIA president. "This legislation supports
individual Americans who make a real contribution toward US energy independence
by buying solar. Installing solar energy on your roof is one of the most
meaningful steps an individual can take to reduce our reliance on foreign
sources of energy and help declare energy independence. Solar energy is a clean,
secure energy source made in America - and now it comes with a more affordable
price tag."
SEIA credited the entire Senate, led by senators Lamar Alexander (R-TN), Charles
Grassley (R-IA), Pete Domenici (R-NM), Jeff Bingaman (D-NM), Mike Crapo (R-ID),
and Gordon Smith (R-OR) for showing bipartisan leadership in support of solar
power.
With the passage of the Senate bill, the Senate and House will appoint conferees
to resolve differences between their respective energy bills. The conference
committee will begin work after the 4th of July recess, with the final version
of the Energy Bill expected for a vote before the August recess. The solar
industry voiced strong support for the Senate solar provisions.
"A usable investment tax credit would bring solar costs over the tipping
point in many areas of the country," said Resch. "More consumers would
take a step towards energy independence by choosing solar power - and that means
cleaner air, more jobs, and greater energy security for all."
For more information on the proposed legislation, please visit www.seia.org
.