Tax Credit For Companies Using Green EnergyPosted: Updated:
KENNEWICK, Wash-- When the Federal Financial Bailout Plan was passed earlier this month, it included tax credits for using green energy.
Leaders from Infinia say this is great for business. They produce concentrated solar power. The tax credit is going to increase the demand for their solar products.
They are going to start selling not only in the U.S. market but to Europe, India, and Asia.
The new bill allows companies that buy these to get a 30 percent tax credit, which is causing demand to increase.
"Well if you sell more product it would naturally lead to more jobs," said Peter Rooney, Chief Accounting Officer, Infinia.
Senator Maria Cantwell predicts this new bill will open up thousands of new jobs in Washington.
"What we've passed in legislation was tax credits for the solar industry so they can make investments and know at what rate they will get a tax investment credit," said Cantwell.
Infinia is just one of several Tri-City companies that will benefit from these tax credits.
"The companies that build the infrastructure and develop the technology for these renewable energy systems conceivably would have their products in greater demand," said Brad Peck, Energy Northwest Spokesman.
If a company like Puget Sound Energy invests in solar or other renewable products they will get the tax credit.
"Companies that produce electricity on the private side can get tax credits for the energy that they produce with renewable systems like wind, solar, and biomass and hydro," said Peck.
Infinia's solar system would cost around $20,000 and they project to start selling in 2009.
"Our current projection is to sell 25,000 or so in 2009," said Rooney.
The new facility is being built by all local contractors. Over the last three years private investors have taken interest in Infinia and helped to make this building possible. It will be completed in December and will open up 100 new jobs.