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Sen. Reid Calls for Hyperspeed Tax Credits for Clean Energy

One year, eight years’ worth of tax credits for renewable energy projects: That’s a key component of the legislation Sen. Harry Reid of Nevada plans to push as part of an economic recovery package in Congress, the Las Vegas Journal-Review reports. The move would effectively be an acceleration of the eight-year extension Congress approved this fall for the solar investment tax credit.

It would also represent a sweet victory for the Solar Energy Industries Association, which beefed up its lobbying expenditures this year — to $975,000, up from $630,000 in 2007. From the Journal-Review, which attended Reid’s press conference after a meeting with state, military, and industry officials in Vegas:

Reid’s proposal appears similar to one made this month by a spokesman for the Solar Energy Industries Association. He called for refundable tax credits up front for solar projects because of the credit crunch. The association also called for $1 billion to install solar panels on government buildings, which would create an estimated 350,000 jobs.

The plan Reid discussed this week would extend to solar, wind and geothermal developers.