Massive solar credit OK’d with bailout

The solar industry is elated after Congress passed an eight-year extension to the solar investment tax credit as part of the $700 billion financial industry bailout package.

The president signed the legislation Friday morning.

The bill included $128 billion in tax incentives and breaks including the $18 billion solar energy tax credit that offers 30 percent credit to both commercial and residential solar installations. The industry has been pushing for the extension, saying it’s needed to scale the industry and drive down the costs of solar to compete with fossil fuel sources.

San Francisco Business Times – by Lindsay Riddell

Full Story: http://www.bizjournals.com/sanfrancisco/stories/2008/09/29/daily72.html