Energy

Government Wakes Up & Endorses Solar Tax Credits (FSLR, SPWR, STP, ESLR, ENER, SOLR)

Solar_panel_pic_2For months we have been under the potential disaster scenario where solar tax credits were going to expire and end at the end of 2008.  Despite the calls for energy independence and a move away from foreign oil, many believed that Congress would not renew the tax credits that are helping to foster domestic use of solar power.  It seems that Congress may have realized how silly this expiration would have been and how much answering they might have had to come up with if it happened. The Senate has passed a bill that provides more than $17 billion in renewable tax incentives. Under the bill, the incentives would go through 2016.  Below are the stocks showing major gains as a result:

  • First Solar, Inc. (NASDAQ: FSLR) up almost 8% at $228.13,
  • SunPower Corp. (NASDAQ: SPWR) up almost 8% at $94.34,
  • Suntech Power (NYSE: STP) up over 8% at $43.72,
  • Evergreen Solar Inc. (NASDAQ: ESLR) up over 10% at $6.35,
  • Energy Conversion Devices Inc. (NASDAQ: ENER) up over 13% at $64.15,
  • GT Solar International, Inc. (NASDAQ: SOLR) up 3.5% at $11.01.

As a reminder, these are the U.S. companies that stand to benefit themost.  There are many Chinese solar stocks which are participating insympathy, but the real winners from this are the US-based companies.

Here is another reason this may be getting attention.  Utilities haveaccess to the solar tax credit as well.  On a quick review, it lookslike the wind credits will extend for another 12 months but that shouldbe extended next year as well.

Jon C. Ogg
September 24, 2008

Get Ready To Retire (Sponsored)

Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.

Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.

Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future

Get started right here.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.