Passage of the final version of the revamped energy bill slashed new solar tax incentives in the House version, and the Senate failed to get the support to score an updated incentive package, blowing a punch to the solar panel industry. Still, existing incentives won’t expire until December 2008. It may seem like a setback for the rapidly growing industry, but companies such as Akeena Solar, Inc. (NASDAQ: AKNS) are taking the hit in stride.

The California-based company recently announced the first licensing agreement for its new patent pending solar panel technology Andalay. Per the agreement, Suntech Power (NYSE: STP) is authorized to distribute Andalay in Europe, Japan and Australia starting in August 2008. While Akeena is allowing for a stretch of exclusivity for STP, the company is pursuing more licensing and distribution deals.

Though financial details of the agreement have yet to be released, the distribution agreement is expected to be one of many for Akeena, and will hopefully increase revenue. Akeena anticipates the agreement to rake in $1 million in additional revenue for the New Year, as STP already anticipates demand for more than 10 Megawatts of the panels in 2008.

With such deals on hand, Comerica recently granted Akeena an increase in its credit line, from $7.5 million to $25 million. According to a recent Jesup & Lamont Alternative Energy Research report, the new credit line, paired with the recent $26 million from equity offering proceeds, should be sufficient to set the company on sturdy legs.

Many analysts believe continued efforts in the House, along with the solar industry lobby will ensure the dropped incentives are put back into place before year-end, though the incentives might slightly change. But with an increased credit line and a new distribution agreement, Akeena seems positive it will report upside revenue revisions for 2009.

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