California to offer $3 billion in solar rebates?

California regulators are hoping to offer more than $3 billion in consumer incentives to purchase solar power products.

"With rising energy prices and continued air pollution, this is exactly the kind of landmark initiative California needs," said Bernadette Del Chiaro, clean energy advocate for Environment California. "From this, we're going to see cleaner air, affordable solar energy and California regaining its world leadership in solar power." (more)

California Governor Arnold Schwarzenegger proposed such legislation previously but was opposed, ironically, by Democratically controlled unions.

Considering that California has year-round sunshine, it seems silly that California wouldn't try to capitalize on solar power. Even though the Federal government hasn't been very supportive of fighting pollution and global warming, the rest of the world is taking these issues extremely seriously. Thus, companies that are investing in solar power today, could reap huge payoffs tomorrow.

That's an investment California should definitely make.

Related

Jim Cramer's Mad Money Solar Power Stock Picks