The attendance at the recent Solar Power Conference tipped the scaled at a meager 1,100 attendees. Today, at the opening plenary session of Solar Power 2007, the keynote address was delivered to an audience numbering greater than 8,000.

That 627% increase in conference attendance certainly illustrates the growth of the solar industry as a whole. And, for some lucky green investors, that percentage increase in conference attendance isn't too far off some of the investment gains posted in that same time frame.

But the solar industry is still fairly young, which means plenty of growth in the coming years. This is true not only for grid-tied installations, but also for large concentrating solar and residential projects as well.

In fact, Rhone Resch, the President of the Solar Energy Industries Association (SEIA), said he is 97% sure that the investment tax credit (ITC) for business and residential installations will be extended eight and six years, respectively.

The extension of that tax credit would do wonders to continue fostering growth in the solar industry, which is already growing anywhere from 40% to 80% annually, depending on whose numbers you believe.

Not Your Dad's Solar Power Conference

With such a fast rate of growth, the solar industry is quick becoming a Mecca for investment. At a press conference hosted by Ted Turner yesterday, the atmosphere felt more like that of a group of oil sheiks than of an environmentally conscious organization.

And why not? Meeting the energy demands of a growing world in a way that secures a safe and clean future is turning out to be pretty big business. Venture activity in the U.S. alone has nearly quadrupled from, $68 million in 2004 to $264 million in 2006. And it will continue to grow.

This growth will not only be aided by increased investment, but also by the implementation of favorable policies and legislation. Soon, solar is going to have a powerful voice in Washington thanks, in part, to powerful industry groups like SEIA--whose initiatives are already helping to determine outcomes on the Hill.

Plus, SEIA will have an increased presence in the upcoming presidential election. They will have a role in each party's national convention by lobbying, seeking favorable candidates, and providing carbon offsets.

Additionally, they are working hard to oust the political power of the entrenched fossil fuel industry in Washington, initiating grass-roots campaigns that bring attention to the solar industry by contacting senators and congressmen.

But in the end, solar is still a nascent industry--still heavily dependent upon subsidies and incentives for sustained growth and expansion. That is not a negative, however, because a young industry means plenty of opportunity for individual investment.

Making a political joke, Ted Turner referenced the 72 promised virgins that some Muslims are promised if they die fighting for their cause. He said investing in solar doesn't need that kind incentive, because the huge returns that can be expected are incentive enough.

At his age, he noted, he couldn't handle the other incentive anyway.

We, too, would rather have the cash.

In fact, over the past few weeks, Green Chip Stocks subscribers have been loading up on this solar stock in anticipation of a major gains once the investment tax credit is extended.

To find out more, click here now.

Until next time,

Nick

Green Chip Stocks Editor Jeff Siegel, featured guest on CNBC's Green Week

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