The U.S. House of Representatives today passed the revised Emergency Economic Stabilization Act of 2008, which contains measures to extend the solar investment tax credit (ITC) by eight years and provide other critical incentives to the renewable energy marketplace.
The House's vote, 263 to 171 in the affirmative, followed the U.S. Senate's passage of the bill earlier this week. President Bush signed the legislation shortly after the House recessed.
For the solar energy industry, extending the ITC – along with eliminating the $2,000 cap on residential photovoltaic systems and suspending utility exemptions – has been a high-level priority for nearly two years. With today's vote and the president's signature, the solar marketplace in the U.S. is poised to continue its strong growth and attract high levels of investment.
‘It has been a long time coming, but we have finally achieved victory on the ITC,’ said Rhone Resch, president of the Solar Energy Industries Association. ‘It took seven votes in the House and 10 votes in the Senate, but in the end, Congress came through.’