U.S. Congress sponsors bill that provides strong home and commercial solar power incentives

Securing America's Energy Independence Act (H.R. 550) was introduced on January 18, 2007 in the U.S. Congress by Congressmen Michael McNulty (D-NY) and Dave Camp (R-MI).

Here's a brief outline of the provisions of the bill related to solar power:

Residential Solar Tax Credit: Extends a 30-percent tax credit, created in the Energy Policy Act of 2005, for the purchase of residential solar water heating, photovoltaic (PV) equipment, and fuel cell property. Changes the maximum credit to $1,500 for each half-kilowatt of capacity for solar PV equipment and $1,000 for each kilowatt of capacity for fuel cells. Credits may be taken against the alternative minimum tax. Expires after December 31, 2016.

Business Solar Tax Credit and Fuel Cell Tax Credit: Extends a 30-percent business credit, established in the Energy Policy Act of 2005, for the purchase of fuel cell power plants, solar energy property, and fiber-optic property used to illuminate the inside of a structure. Changes the maximum credit to $1,500 for each half-kilowatt of capacity for solar PV equipment. Credits may be taken against the alternative minimum tax. Expires after December 31, 2016.

Accelerated Depreciation: Creates a three-year accelerated depreciation period for all solar equipment eligible for the business solar tax credit.

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Read the full article on the SEIA website.