H.R. 550

This is a bill sponsored by members from both sides of the isle. Reps MCNULTY D-NY and CAMP R-MI are co-sponsors. H.R. 550

The bill proposes an increase in the Income Tax Credit for installed Photo Voltaic systems from a $2,000 cap to a $3,000 PER Kilowatt tax credit. Currently there are rebates thru energy companies in various areas that will pay up to 2/3 of the cost of a PV installation. However, it still takes roughly 10, 15 or more years to recap in savings the born costs of the system to the homeowner. Thus, actual use of these programs is minimal since many homeowners do not remain in their homes for that length of time.