As part of the $700 billion bailout legislation signed by the president October 3, the following are some of the highlights for energy projects: -Wind production credits were extended to December 31, 2009. New biomass, as well as wave and tidal power qualify for this production credit. The government estimates it will cost $5.8 billion over ten years. -For solar, a 30 percent investment credit was extended through 2016. -The cap was lifted on investor-owned utilities’ solar rooftop credit availability. -Cogeneration (combined heat & power) received a 10 percent investment credit. Together with solar investment credits noted above, the government expects the plan to cost almost $2 billion over the next decade. -The legislation allows a tax deferral for utilities with property intended for transmission lines. -It includes $800 million in bonds for wind, biomass, geothermal, and some hydroelectric. -Carbon sequestration investments received $1.5 billion.
