Finally! Renewable Energy Tax Incentives Receive Overwhelming Approval in Senate
by Matthew McDermott, New York, NY on 09.24.08
photo: Mike Rosales
Renewable energy developers across the United States can sleep a little easy tonight. After nine (count ‘em, nine) tries, the Senate has passed an extension of the renewable energy tax credit package which sat bobbing in the doldrums for what has seemed like ages. The 93-2 vote was made Tuesday and the House could vote on the legislation later today, where it is expected to pass. President Bush is expected to also approve the package.
Though not a long-term incentive package like many in the industry have been advocating, this is what the Senate has approved:
Wind Gets a One Year Reprieve, Solar Eight
Wind power tax credits have been extended for one year; other types of renewable energy such as small-scale hydro or tidal power have been extended for two years. The bigger news is that solar tax credits for businesses and residential installations have been extended for eight years. The entire package amounts to $18 billion in tax credits.
For a bit more detailed run-down of what’s in the package read Renewable Energy Incentives Stalled in Senate.
Stability, For Now
Though this debate will have to be revisited again next year for wind power, this does provide a window of regulatory stability which, were it not there, could seriously hamper the continued growth of renewable energy in the United States.
If the Senate failed to pass this bill, the renewable energy tax credits would have expired at the end of this year.
via :: Reuters and :: GreenBiz Journals
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Fantastic!! And, it's about time. My question is: who were the two chimps?
that would be Senators Carper from Delaware, and Conrad from N. Dakota
I'll keep my fingers crossed. We haven't been able to get any business for the first quarter because all our customers are waiting for an extension. Its still criminal that it wasn't an expansion, but I'll take what I can get for now and just watch as economic powers #2 and #3 (Germany & Japan ) become #1 and #2
That's five abstains - did Obama, McCain or Biden vote on the bill?
Thank god. There may be a glimmer of reason in Congress after all.
Why would a Senator from N. Dakota one fo the top potential wind producers in the County vote against it?
Anyone know if there were any residential incentives included in the bill? Like tax credits for ES appliances, insulation, double glazed, Low-e windows, etc...? Those types of incentives are usually MUCH more cost effective... and I need them :-)
about time congress does something good
set the table and get out of the kitchen
1 year for Wind? Wind and other renewable energies need LONG TERM GUARANTEES so that more companies form and more products hit the market and join the grid.
How is a company like GE going to plan for the next 10 years if it can't even know what is going to happen at the end of 2009? This type of short term tax breaks are good, but long term tax breaks could make a huge difference.