As most of you will probably know by now, the US Senate voted tonight to pass the $700 billion bailout package for the financial sector. As part of the this new version of the bill full of so-called "sweeteners", or measures meant entice certain individuals to vote in favor, lawmakers included a one-year extension of the Production Tax Credit for wind and an eight-year extension of the Investment Tax Credit for solar.

Now the House must still vote on Friday, so this isn't a done deal just yet. However, although it probably won't get much attention in the general press, the extensions of the PTC and ITC are important measures for alt energy investors, especially if credit conditions don't ameliorate in the next few months. General weaknesses in equity markets coupled with concerns over renewal of these tax credits created nothing short of a perfect storm for many of alt energy stocks.

View the full text of the bill here.