How the Bailout Benefits the Environment

| Fri Oct. 10, 2008 5:21 PM EDT

Everyone knows the $700 billion bailout package is a boon for Wall Street. But it turns out green consumers stand to benefit too. According to Fortune and the Environmental News Network, the legislation includes a number of perks for the eco-friendly, including:

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—A 30 percent tax credit for homeowners who install solar panels after December 31, 2008.

—A $1,000-per-kilowatt tax credit for homeowners who install wind power, with a cap of $4,000.

—Tax credits of $3,000 or more for the purchase of fuel-efficient, plug-in hybrid vehicles.

—Incentives to grow renewable fuels such as biodiesel and renewable diesel at home.

The bill also supports big businesses that go green. A 30 percent solar investment tax credit has been extended to 2016, and utility companies including PG&E and Southern California Edison can now claim this credit for large-scale solar power projects.

—Nikki Gloudeman

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