US senate has approved $17 billion in renewable energy tax credits for wind and solar companies.This legislation extends investment tax credits till year 2016 for the solar power industry.Notably the bill also gave utilities, the advantage of solar investment tax credits for the first time.Wind however received just an year long extension of tax credits.
This legislation is welcome as it would ensure some breathing space for the solar industry.Recently there were a lot of apprehensions regarding the extension of credits which actually lead some small solar companies to lay of workers.Additionally the tax credit could also help US solar industry to gain a competitive edge in the global solar market.
