NEW YORK, Sep 11, 2005 -- United Press International

 

The solar energy business is booming as the price of heating is set to soar this winter.

U.S. solar energy companies such as Evergreen Solar, DayStar Technologies, Energy Conversion Devices and Spire that make equipment for converting solar power into electricity say business has stepped up, the New York Times reported Sunday.

"The solar market is projected to grow 35 percent a year for the next three to five years," said Walter V. Nasdeo, managing director of Ardour Capital, an investment bank in New York that specializes in energy companies.

"As these technologies get better, we're seeing things being developed like solar panels integrated into roofing tiles. That way, they don't look like a science project hanging on your roof."

The new federal energy law signed last month included a tax credit of $2,000 for the purchase and installation of a residential solar power system.

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