At least something came of that bail out bill, the solar tax credits were extended! [updated]

Well at least one non-insane thing came as a result of that bailout bill.

http://www.renewableenergyworld.com/rea/news/story?id=53755 

"The tax credit package, which is the same that passed the Senate on September 24, will extend the PTC for one year and the ITC for eight years. The extensions would be at least partially paid for by a change in the tax code for the oil and gas industry.    The bill also contains removal of the US $2,000 cap for residential solar installations."

Because of this I'm considerably more likely to be able to get my house close to net-zero, at least for the summer months.  I'll need to redo my roof but especially if I do the addition off the back of the house I can really get creative with a few options, namely design one room in the house to be functional with limited heat.

Update: here is some more info about the solar tax credit.

• Extend for 8 years the 30-percent tax credit for both residential and commercial solar installations;
• Eliminate the $2,000 monetary cap for residential solar electric installations, creating a true 30-percent tax credit (effective for property placed in service after December 31, 2008);
• Eliminate the prohibition on utilities from benefiting from the credit;
• Allow Alternative Minimum Tax (AMT) filers, both businesses and individuals, to take the credit;
• Authorize $800 million for clean energy bonds for renewable energy generating facilities, including solar.

The solar tax credits were originally enacted in the 2005 and have created unprecedented growth in the U.S. The amount of solar electric capacity installed in 2007 was double that installed in 2006.

Over the last 2 years, these tax credits have turned the solar industry from a small, cottage industry into an economic engine for America. Electricians, plumbers, roofers and construction workers can now get back to work. These jobs are the backbone of the American economy and the solar industry is creating them at a time when they are needed the most,î said Resch.

According to a new economic study by Navigant Consulting, Inc., the 8-year extension of the ITC will create 440,000 permanent jobs and unleash $325 billion in private investment in the solar industry. This study did not factor in elimination of $2,000 monetary cap on the residential credit, so the actual job creation and investment could be even greater.

This is a big boost for the residential market in particular, allowing homeowners to contribute to our nationís energy independence,î said Efird. ìIt also opens the floodgates for building large, utility-scale solar power projects that need longer timeframes to complete.î

To date, there are 27 such utility-scale solar power projects totaling 5,400 megawatts of power in various stages of development; most were on hold due to uncertainty surrounding the expiring tax credits.

Because solar energy components are manufactured near their markets, this extension will create manufacturing and installation jobs in all 50 states. The states that will enjoy the largest economic boost are California, Florida, Arizona, New Mexico, Nevada, New Jersey, Massachusetts, New York, Oregon, and Washington.

Similarly, the economies of Pennsylvania, Michigan, Ohio and the rest of the Great Lakes region will grow significantly as a result of the extension. This area of the country has suffered greatly from a huge decline in jobs in the automotive and traditional manufacturing industries.

According to the same study, more than 28 gigawatts of electricity will be produced from solar energy by 2016 ñ enough to power more than 7 million homes.