Senate Leader Wants To Offer Renewables Tax Credits Up Front

Senate Majority Leader Harry Reid (D-Nev.) said he will push legislation allowing renewable energy developers to receive eight years of tax credits in a single year, according to a report in the Las Vegas Review-Journal.

He said the measure would assist renewable energy developers who struggle with high front-end costs, especially in the current tight credit market. 

Reid made the comment in a press conference following a closed meeting in Las Vegas with government, military and industry representatives. Reid called the meeting to discuss priorities for energy at the local, federal and state levels.

“We have to do renewable energy no matter the state of the economy,” Reid said.

As part of the first economic bail out package passed in the fall, Congress extended to eight years tax credits for solar power and other renewable energy developers. By allowing companies to take all eight years of the credit up front, many would need much less, or perhaps no fiancing from outside sources.

The plan matches suggestions by the Solar Energy Industries Association (SEIA) calling for refundable tax credits up front for solar projects. The SEIA also wants the federal government to set aside $1 billion for solar panels on government buildings, a move that the Association said would create roughly 350,000 solar jobs.

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