Solar Panels

The solar tax credits were originally enacted in the 2005 and have created unprecedented growth in the U.S. The amount of solar electric capacity installed in 2007 was double that installed in 2006. 

The solar investment tax credit (ITC): 

• Extend for 8 years the 30-percent tax credit for both residential and commercial solar installations;
• Eliminate the $2,000 monetary cap for residential solar electric installations, creating a true 30-percent tax credit (effective for property placed in service after December 31, 2008);
• Eliminate the prohibition on utilities from benefiting from the credit;
• Allow Alternative Minimum Tax (AMT) filers, both businesses and individuals, to take the credit;
• Authorize $800 million for clean energy bonds for renewable energy generating facilities, including solar.