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The Investment Tax Credits for alternative energy passed through the House last week and made its way through the senate yesterday with out any hitches.

Only two senators voted against the broader tax package, which is strange, but it could be the $700 billion bailout proposal that they are focusing on instead.

This result is certainly a GOOD thing for the clean tech and renewable energy sectors across the board. Solar energy is getting the biggest break with eight years of investment tax credits! In regards to the breaks, Tidal gets two years and wind a one year extension. PHEV buyers will get back anywhere from $2,500.00 to $7,500.00 back.

Here Comes the Sun: 8 Year Solar Tax Credit a Major Market Boost!

Giving solar an eight year tax credit is expected to triple business and jobs in that sector. Most companies haven’t established long-term contracts historically due to the uncertainty surrounding tax credits. With breaks now solidified for the next 8 years, the solar business should boom thus creating an explosion of jobs, stock returns and renewable energy options for Americans.

Some up-and-coming companies to watch for are HOKU Scientific [HOKU], a polysilicon manufacturer, LDK Solar [LDK], solar wafer and module makers, and Premier Power [PPRW], a professional integration company. There are many more alt-energy plays out there that will certainly prosper going forward as a direct result of the tax credit extension, but if you want to learn more about the three listed above, please visit this blog link.

The project to get underwater turbines placed in New York City’s East River took time and careful examination of environmental factors and after that approval, TWO different prototype systems were destroyed by the power of the tide created in the river. That’s a lot of power that New York City could harness to help power itself with renewable energy.

Verdant Power is the company who is attempting to harness the power of the East River. Verdant is are now installing a third, more rigid system, that can hopefully withstand the ebb and flow of the river’s strong current.
For the record, the current changes twice a day because it drains into the ocean and the tide of the ocean forces the water in and out of the river daily.

New York City has a policy to farm electricity at home and not import it from other sources. This gives a fertile ground for green technology to spring up. A few well places turbines in the water ways, wind turbines on some buildings and solar panels across the rooftops of the city.

Keep an eye on Verdant Power and how they can lead New York City to a greener pasture.