January 8th, 2009 4:55 PM

Haiku, HI—In a landmark victory for green supporters and solar advocates everywhere, Congress passed historic legislation that will increase the use of solar energy across America, including Hawaii.

As part of the Emergency Economic Stabilization Act designed to address the U.S. financial crisis, the federal government extended the 30 percent solar tax credit for both residential and commercial installations. The Bill (HR1424) also eliminates the $2,000 monetary cap for residential solar systems, creating a true 30 percent credit and allowing Alternative Minimum Tax (AMT) filers, both businesses and families, to take the credit. Public utilities will also be able to capture the credit.

Not only will this help families stabilize their skyrocketing energy bills and generate thousands of “green-collar” jobs, but also it will help homeowners and businesses save thousands of dollars as they take advantage of this new, more affordable solar energy.

For the next eight years, the typical residential 3kW system which has a cost of approximatelly $27,000 will be eligible for $9,000 in federal tax credits (as opposed to the current $2,000) and the pool of people who can benefit from the tax credit has been expanded.  “This is the most significant federal policy ever enacted for the solar industry,” said Brad Albert, co-founder of the Haiku-based Rising Sun Solar, as well as President of the Hawaii PV Coalition. “Solar just a got a little bit brighter.”

As the price of oil and electricity has risen in Hawaii 55 percent in the last three years, and the financial crisis continues to take its toll, this legislation couldn’t have come at a better time, said Albert. “People are at a point where they don’t know where to invest their money—stocks, real estate? Even keeping it in the bank appears to have risk. Investing in a solar system has a great rate of return and is one of the safest investments out there right now.”

The Hawaii PV Coalition, a nonprofit organization composed of businesses and homeowners, was formed to actively promote solar electric energy across the Hawaiian Islands. For more information or to join the Coalition, visit www.hawaiipvcoalition.org.

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