Solar stocks set to shine after Senate measure
The measure, which is expected to be approved by the House of Representatives and President George W. Bush, gives businesses a 30 percent tax credit to offset the development costs of solar and other clean energy projects.
Industry experts had warned that failure to extend the tax credits that were to expire at the end of 2008 would hamper the growth of solar power, which remains more expensive than conventional electricity sources, such as coal and natural gas.
"We see this as an important catalyst for the entire solar and renewable energy sector, especially for solar names with residential exposure such as (SunPower)," analysts at Piper Jaffray wrote in a note to investors.
SunPower Corp is the solar market leader in North America. Other companies likely to see a boost include First Solar Inc, Suntech Power Holdings Co Ltd, Yingli Green Energy Holding Co Ltd, and Evergreen Solar Inc.
Related News
Idaho gets vast majority of electricity from renewables, almost half from hydropower
BOISE - More than 80% of Idaho’s in-state utility-scale electricity generation came from renewable resources in 2018, behind only Vermont, according to recently released data from the U.S. Energy Information Administration’s Electric Power Monthly.
Idaho generated 17.4 million MWh of electricity in 2018, of which 14.2 million MWh came from renewable sources. Idaho uses a variety of renewable resources to generate electricity:
Hydroelectricity. Idaho ranked seventh in the U.S. in electricity generation from hydropower in 2018. About half of Idaho’s electricity generating capacity is at hydroelectric power plants and seven of the state’s 10 largest power plants (in terms of electricity generation)…
