In the news: August 8, 2005
President George W. Bush tours the Sandia Solar Tower Complex lead by Sandia Lab Director Tom Hunter monday, Aug. 8, 2005 in Albuquerque, New Mexico.
Albuquerque, New Mexico [RenewableEnergyAccess.com]: President George W. Bush has signed the Energy Policy Act of 2005 into law at Sandia National Laboratories in Albuquerque, NM. "This bipartisan bill contains numerous provisions that will make energy cleaner, more efficient, and more widely available in the future," said New Mexico's Republican Senator Pete V. Domenici who, as Chairman of the Senate Energy & Natural Resources Committee, was the leading lawmaker on the policy package. Although most of the bill's 14 billion price tag level incentives and tax breaks to the traditional fossil fuel industries, a number of supportive policy wins for renewable energy could usher in a new business cycle for the clean energy industries.
The solar industry recieves an unprecedented two-year investment tax credit for solar Photo-Voltaics (PV), thermal and Concentrating Solar Power (CSP). The first such legislation in decades, the national tax credit would be capped at $2000 per residential project and have no limit on commercial projects. In short, all the renewable energy technologies, except small wind, recieved something to help promote their development and businesses.