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Solar industry may face disaster as lawmakers introduce bills to end tax credits

solyndra_exteriorview_091611.jpg

The exterior view of bankrupt Solyndra is seen in Fremont, Calif., Sept. 16.AP

A pair of U.S. House bills ask for an end to tax credits responsible for creating and propping up the American solar energy industry.

House Ways and Means Committee Chairman Dave Camp, a Michigan Republican, proposes an end to the federal giveaways. Fellow GOP Congressman Mike Pompeo of Kansas has introduced a similar bill.

“For years we had worked on building consensus among our caucus against tax credits for energy companies — oil, gas, wind, solar — because profitable corporations shouldn’t rely on taxpayer support. They should rely on customers,” Pompeo said in a written statement.

California-based SolarCity, one of the nation’s largest solar system contractors, has admitted in Securities and Exchange Commission filings that any curtailment of tax dollars would spell doom. Nearly a third of the cost of its equipment has been paid for by the taxpayer.

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