Oregon Approves 50% Solar Tax Credit
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Oregon's legislative session has ended -- and June 2007 will be remembered as one of the sunniest month on record. Building on the momentum of its new Renewable Energy Standard, Governor Ted Kulongoski recently signed several key solar policies designed to encourage solar manufacturing and the installation of solar hot water and photovoltaic (PV) systems in the state.
"This will be remembered as a banner year for solar energy in Oregon. We have already attracted two new major solar manufacturers to the state, with more likely on the way."
-- Oregon Governor Ted Kulongoski
The state's Renewable Energy Standard (RES), requiring 25% renewables by 2025, includes a provision that extends funding for the Energy Trust of Oregon (ETO) until 2025. The ETO funds programs for both solar hot water and PV system installs.
In addition, the Oregon Business Energy Tax Credit was increased from 35% to 50% of eligible renewable project costs (up to $20 million); a tax exemption for solar net metered systems passed along with a statewide public buildings solar provision requiring 1.5% of the construction budget to fund onsite solar technologies.
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