Congressmen Michael McNulty, D-N.Y., and Dave Camp, R-Mich., have introduced the Securing America's Energy Independence Act to legislation to stimulate investment in solar power.
The bill would extend solar energy investment tax credits for homeowners and businesses through 2016. According to McNulty and Camp, the credits are currently set to expire next year. The bill would extend the residential solar tax credit, which is a 30% tax credit that was created in the Energy Policy Act of 2005 for the purchase of residential solar water heating, photovoltaic equipment, and fuel cell property. In addition, the business solar tax credit and fuel cell tax credits would also be extended.
‘The Securing America's Energy Independence Act represents a pro-growth path toward developing clean, domestic solar energy,’ said Rhone Resch, SEIA's president. ‘American taxpayers want to invest in technologies that create jobs, reduce emissions, lower our energy bills and keep our energy dollars here in the U.S. We commend Congressmen McNulty and Camp for proposing a bill that helps meet all of these goals with solar power.’
The Solar Energy Industries Association (SEIA) estimates that a long-term credit extension would create approximately 55,000 solar industry jobs by 2016 and encourage states to invest billions of dollars in renewable energy infrastructure.