Pork Or Progress? Congress Wallows In The Tar Sands, While Passing Renewable Energy Credits

by Jeff Siegel, Green Chip Stocks on 10. 7.08 Last week we got word that renewable energy tax incentives would be included in the financial bailout bill. Knowing full well that the bill would make it through the House this time around (thanks primarily to an avalanche of pork that continues to feed the bureaucratic machine), solar and wind supporters began to cheer. After a long year of begging for crumbs so we can strengthen our energy infrastructure and employ 4.2 million hard-working folks in the renewable energy sector, the lifeline was finally offered. In the bill, investment tax credits for commercial and residential solar projects were extended through 2016, and the $2,000 cap on credits for residential solar projects was removed. Also extended was the production tax credit for wind through 2009, and biomass through... [read full story]