In March of this year, both of our federal Senators Daniel Akaka and Daniel Inouye voted in favor of the Stabenow amendment, which would have extended the 1603 Treasury Program and further encouraged and funded renewable incentives and legislation.
Though the amendment did not pass into law, properties placed in service during 2012 are still eligible for the 1603 Treasury Program if they are placed in service before October 1, 2012.
Furthermore, the budget request release by President Barack Obama in February of 2013 for the coming Fiscal Year 2013 includes a proposal to extend the 1603 Program to projects that begin construction in 2012. (For property placed in service after 2012, the 1603 Treasury grant would be replaced with a refundable tax credit.)
This is good news, and shows that efforts and insight of our representatives has paid off. Renewable energy incentive programs spur sustainable investment by both home- and business-owners alike, stimulate the economy, and create and maintain jobs (an estimated 86,000 jobs in the solar industry alone this year). Armed with this knowledge, our representatives’ consideration and support for solar will guide us all toward a brighter future.
We sincerely appreciate the efforts of Senator Akaka, Senator Inouye, and others in the legislature and look forward to forthcoming progress on these fronts.
In particular we would like to extend a special mahalo to Senator Akaka, who is retiring this year after 30 years of distinguished service. We hope that whoever fills his seat shares his values and support for renewable energy.