(EMAILWIRE.COM, September 25, 2008 ) DALLAS, Texas - BeaconEquity.com announces the publication of ‘Extended Tax Credit Heats Up Solar Stocks, Brightens Prospects for U.S. as a Global Market Leader’
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Extended Tax Credit Heats Up Solar Stocks, Brightens Prospects for U.S. as a Global Market Leader
"Following numerous attempts to extend the tax incentives this year, which are set to expire at the end of the year, the Senate finally got to work, passing the Investment Tax Credit. The U.S. Senate voted Tuesday to extend solar tax credits for the next eight years and also remove the $2,000 cap on residential projects. According to observers, this approval has made final passage by the House and the President almost certainÂ…
"Most solar industry executives have expressed concern on the tax credit sunset, arguing that the industry is still too young and too fragile to be weaned off the investment tax credit just yet. Anticipating significant benefits of an eight-year extension of the ITC, a study by Navigant Consulting claims that 440,000 permanent jobs and $232 billion in investment would be supported by 2016. With the tax bill offering, First Solar Inc., Suntech Power Holdings Co. Ltd., SunPower Corp. and other companies are expected to inject $232 billion in new spending into the economy by 2016 because of the tax credits, according to a study commissioned by Resch's group. Sen. Maria Cantwell, a primary proponent of the renewable energy tax credits, said the legislation will help take that industry to new heightsÂ…
"Renewable energy investors have been anxiously waiting for Congress to extend a set of investment-tax credits that would offset 30% of the cost of a solar project. While some solar companies express their inability to build more U.S. power plants without the investment-tax credits, the Senate and the House of Representatives have been disagreeing mainly on how to pay for themÂ…"
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Source: BeaconEquity.com
Beacon Equity Research
Jeff Bishop, (469)-252-3505
press@beaconequity.com
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