- Congress recently passed an 8-year extension of Solar Energy Investment Tax Credit, lifted cap on tax credit for residential investments in solar technology -
Florida, NY – After rolling up his sleeves and helping to install a solar panel system at a private home today, U.S. Rep. John Hall (D-NY19) touted solar power's promising future as an alternative energy source and announced significant increases in solar energy tax credits for both investors in and consumers of solar technology. These new solar tax credits were recently passed by Congress and are now law. Hall was joined by Thomas Greiser, who is getting the solar system installed on his home, and James Albert of ISI Solar, the company installing Greiser's solar power system, to discuss the local use of solar energy and the related benefit of these new tax credits.
"Renewable energy technology is vital to any policy that will break America's addiction to foreign oil, create green jobs here at home and protect our environment," Hall said. "I've always believed individuals can come together and make a big impact on the world around them. Issues like energy independence and climate change are certainly huge, but it's the committed, individual efforts like Mr. Greiser's that will help us meet them."
Hall recently helped Congress pass financial rescue legislation that included a significant expansion of tax credits available for both investors in and consumers of solar energy technology. The bill, which is now law, extends the solar energy investment tax credit for solar technology producers by eight years. It also removes the $2,000 cap on tax credits for residential investments in solar energy, allowing for home-owners who install solar panel systems to now claim an uncapped tax credit on the cost of the solar projects.
"These new and sweeping tax credits will help bring solar energy technology, which is a rapidly growing but still relatively small source of electricity in America, into more mainstream use," said Rep. Hall.
"With the new Federal tax credit extension and cap removal, the solar industry has a promising future," sated Albert of ISI Solar. "Solar PV technology has a lot to offer, both in helping to reduce global warming and in reducing utility costs for homes and businesses."
Greiser's solar electric system will produce approximately 6,300 KWH (kilo-watt hours) per year of electricity, and will reduce his home's electrical consumption by over 50%. It will prevent over 11,000 pounds of CO2 from being released into the atmosphere each year for the life of the system, which is approximately 30 years.
“In the long-run, it’s important to be independent from oil," said Greiser. "And with incentives and tax credits, after 10 to 12 years, these solar panels will provide free energy – it just makes sense."
ISI Solar has installed almost 100 PV systems to date, including a 35 KW PV system recently commissioned in Middletown NY. ISI Solar primarily installs residential systems, but is growing due to new net metering legislation recently passed that now allows commercial entities to sell back their electricity to the utilities.
- 30 - | 
