Oregon tax credit may boost solar

PORTLAND, Ore., June 18 A pending energy tax credit in Oregon has some solar energy analysts predicting a statewide solar technology investment boom.

Oregon may have a reputation for cloudy weather, but the forecast could all change, according to Russ Wright, an Oregon-based solar panel marketing executive who calls the pending Business Energy Tax Credit legislation "free money" for Oregon business owners who invest in solar. The tax credit, expected to pass the Oregon Legislature before the end of session, will raise tax incentives for commercial solar panel systems from roughly 35 percent to 50 percent.

Combined with incentives from the Energy Trust of Oregon and the federal government, this increase allows most businesses to recoup the initial investment in a solar system within five years. In many cases, the incentives and credits paid end up being more than the actual cost of the system.

"Oregon is leading the way for the rest of the country," said Wright, president and chief executive officer of the Renewable NRG in Portland. "The business tax incentives now pending in Salem for renewable energy systems, such as solar power, are incredible. "By adding solar to their energy mix, Oregon business owners can eliminate millions of dollars in tax burdens for five years and completely abolish their electric bill for decades to come, all while using renewable, clean, free energy." Placing itself at the core of the green rush in the Northwest, Renewable NRG's business approach capitalizes on state and federal tax incentives by showing business owners the amount of money that can be saved by installing solar power.

Copyright 2007 by UPI

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