My Residential Solar Energy Tax Credit Plan

On March 6th, 2001, I introduced the "Residential Solar Energy Tax Credit Act of 2001" legislation to provide a 15% residential tax credit for consumers who purchase solar electric (photovoltaics) and solar thermal products.

I am proud to report that this provision was included in the final version of the Senate's energy bill. The Energy Bill is currently in conference committee where the House and Senate are negotiating a conference report that will, after approval by the House and Senate, be sent to the President for his signature.

This legislation is an important step in preserving U.S. global leadership in the solar industry. The expansion of the U.S. domestic market is essential to sustain U.S. global market dominance. Adoption of solar power by individual American consumers will create economies-of-scale of production that will, over time, dramatically lower costs and increase availability of solar power.