October 20, 2008 (New Orleans, LA)  Today, executives with New Orleans-based South Coast Solar, Louisiana’s leading provider of solar electric panels, solar hot water heaters, and solar pool heating products, announced that the Federal Government has dramatically improved the tax credit for residential solar energy systems. On Friday, October 3, by a vote of 263 to 171, the U.S. House of Representatives passed historic legislation that extends the 30-percent Federal Investment Tax Credit for both residential and commercial solar installations for 8 years. This landmark legislation is part of H.R. 1424, the Emergency Economic Stabilization Act of 2008, designed to address the U.S. financial crisis.  It is the most significant federal policy ever enacted for the solar industry.

“Coupled with the fact that on January 1st, 2008, the State of Louisiana initiated one of the most forward-thinking renewable energy rebate programs in the country, providing a 50% tax credit for each renewable energy system for homeowners and multi-family apartments, Louisiana residents now have an historic opportunity to affordably integrate renewable energy systems into their residences” said Troy Von Otnott, President of South Coast Solar.  “The removal of the $2,000 cap on the Federal Investment Tax Credit, in addition to Louisiana’s 50% Tax Credit for residents and multi-family apartment owners, provides Louisiana residents an additional $5,500 in tax credits on a typical $25,000, 3kW residential solar energy system, which produces over 4,000 kilowatt hours annually of clean energy.  Once the resident is reimbursed by federal and state tax credits on their annual tax returns, the final cost of a 3kW solar energy system is $5,000.  An 80% combined tax credit is going to create a great deal of clean and green renewable energy in Louisiana,” said Von Otnott.

“Additionally, with no end in sight for upwardly spiraling fuel costs, worldwide automakers are re-tooling their manufacturing plants to soon offer an extensive lineup of electric cars.  This presents a once-in-a-generation opportunity to have a dual impact on carbon emissions from both your home and vehicle with the same solar system.  These important clean energy subsidies help level the playing field for environmentally responsible homeowners who want to address climate change and simultaneously save money at home and, in the near future, on the road”, said Scott Oman, Chief Technology Officer of South Coast Solar.

The utilization of green solar power for homes, businesses and automobiles will enable Louisianans to live, commute, work and play in a more environmentally responsible manner using less utility-generated energy, which for owners will translate into significantly lower energy bills.  South Coast Solar was recently tapped by Brad Pitt’s Make It Right NOLA Foundation to design, install and permit solar electric systems for the six Make it Right houses that have been completed to date.

The Solar Investment Tax Credit (ITC) provisions will:
· Extend for 8 years the 30-percent tax credit for both residential and commercial solar installations;

· Eliminate the $2,000 monetary cap for residential solar electric installations, creating a true 30-percent tax credit (effective for property placed in service after December 31, 2008);

· Eliminate the prohibition on utilities from benefiting from the credit;

· Allow Alternative Minimum Tax (AMT) filers, both businesses and individuals, to take the credit;

· Authorizes $800 million for clean energy bonds for renewable energy generating facilities, including solar.