The failure by the U.S. Congress to renew tax incentives for the renewable energy industry has begun to affect the nation’s solar industry, according to a Business Journal report.
Big solar companies are scrambling to complete work by the end of 2008, when current tax incentives (worth 30% of equipment and installation costs) expire. And they are actively seeking overseas contracts for 2009, because negotiations for U.S. contracts have stalled, as customers wait to see whether or not Congress will extend the credits.
Small solar installation companies that rely on local business are likely to be hit the hardest if the incentives aren’t renewed.
The slack has been taken out of the rope. Every day that passes without a renewal of the incentives chokes a little more life from the adolescent renewable energy industry in the U.S.
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