U.S. Senate extends renewable tax credits

WASHINGTON, Sept. 26 (UPI) -- The U.S. Senate approved an extension of the renewable energy tax credit.

Final approval of the extension, however, is still awaited from the House of Representatives.

The energy bill, passed in the Senate, not only would extend the tax credit beyond its expiration date at the end of this year, it also would eliminate an existing $2,000 cap on the tax credit homeowners get for installing solar panels and other solar equipment, the Tucson Citizen reported.

If Congress adjourns without the House passing a similar bill, the tax credit will expire Dec. 31.

Industry leaders have been calling for a longer extension of the tax credit, which benefits those who install wind and solar and other renewable energy systems.

Leaders claim that without the tax credit, millions of dollars in investment will remain on hold, jobs could be lost and projects could be canceled.