Reid: Why wait for tax breaks? ("eight-year credit in one year")

[kristopher]

RENEWABLE ENERGY: Reid: Why wait for tax breaks?
Nevada senator seeks to give eight-year credit in one year

By JOHN G. EDWARDS
LAS VEGAS REVIEW-JOURNAL

Harry Reid
"I think it was a really good meeting."

Senate Majority Leader Harry Reid on Tuesday said he intends to push legislation that would allow renewable energy developers to receive eight years of tax credits in one year.

The senior Nevada senator said the measure would help solar, wind, geothermal and other renewable energy developers to marshal enough money to build projects, something that has become difficult during the credit crunch.

Congress this fall extended tax credits for solar and other renewable power projects for eight more years. Reid suggested the change in tax credits so that "green" power developers could fund projects using their own money and tax credits.

The measure would be part of an economic recovery package that would also call for spending on infrastructure.

Reid's proposal appears similar to one made this month by a spokesman for the Solar Energy Industries Association. He called for refundable tax credits up front for solar projects because of the credit crunch. The association also called for $1 billion to install solar panels on government buildings, which would create an estimated 350,000 jobs.

Reid acknowledged that it has become more difficult to finance renewable energy projects, because credit markets are tight and loans so difficult to obtain.

Abengoa Solar, which agreed to develop a $1 billion, 280-megawatt solar thermal plant and sell the power to Arizona Public Service, reported this month that it had been unable to get financing.

Reid made the disclosure during a ...


http://www.lvrj.com/business/36287839.html

Good article.

[quidam56]

1. Appalachia is turning into a toxic waste dump third world America

End Mountaintop Removal ! www.wisecountyissues.com We can't stand anymore of Presidebt Bush's and THE COAL INDUSTRIES prosperity !

[madokie]

2. I hate the thought of our country having go further in debt

but I can't see how we can do anything different. If we would have embraced Carters attempt to get us off fossil fuels we wouldn't be as deep into the fix we're in today. Thats all water under the bridge now though and I can see no other solution than to do a big energy research and development on a par with the manhattan project. I do believe we can spend our way out of this with the right leadership and due diligence. We have to do something thats for sure