Renewable Energy Credits Extension Passes in the Senate

In an overwhelming vote of “yes,” the bill to extend the renewable energy credits for business has passed in the U.S. Senate.

This bill allows companies who are going green to still receive tax credit for starting new projects through the end of 2009. This program was set to expire at the end of 2008.

Businesses who start projects to produce energy through renewable resources like wind or solar power will get 2 cents per kilowatt hour as a tax credit for the next decade. This program isn’t a solution to the current state of energy consumption in the United States, but it is a way to help promote environmentally-friendly options, especially among larger corporations.

Its estimated that this tax credit will cost the government $6 billion over the next ten years.

In addition, this bill can help small business and consumers save 30% of the cost of installing solar panel or fuel cell systems.

Now that the bill has passed in the Senate (with a vote of 88 – 8), it moves on to the House of Representatives, where it is also expected to pass.