The Sigh of Relief You Just Heard Was From the Earth Itself: U.S. Renewable Energy Tax Incentive Extension Signed Into Law
by Matthew McDermott, Brooklyn, NY on 10. 3.08
photo: blueforce4116.
By hook or by crook, the renewable energy tax incentive legislation which was stalled in Congress for so long, only to be passed, then to stall again a few days later, has been approved by both the House and the Senate, and already signed into law by President Bush.
What broke the impasse? Tacking on the legislation to save the US economy from imploding, that’s what. Wall Street may still be in trouble—I wouldn’t want to be a bank exec anywhere near a mob with ropes, pitchforks of open flame let me tell you—but the renewable energy industry is coming out ahead. This is what is being said about the long-awaited renewable energy tax incentive extension:
While members of Congress and the President have understandably focused on the bill’s effect on the financial crisis, meltdown, bailout, great shaking out of 2008 (call it what you will), the renewable energy industry was equally understandably enthused.
Bill Will Stimulate Continued Wind Energy Growth
The American Wind Energy Association:
We salute Members of Congress in both parties who fought under difficult conditions to keep the renewable energy production tax credit and small turbine investment tax credit on the agenda until the very end, and then pushed them across the finish line. These tax credits are essential to the continued growth of wind energy, to the economic and energy security of the United States, and to a successful beginning in the fight against global warming.
Tax Credit Extension Will Let Solar Flourish
Vice President of Sharp Solar, Ron Kenedi:
Solar is becoming a competitive energy source that can address our nation’s growing energy demands with a clean, reliable and renewable source of power. The solar industry is now scaling up to bring down manufacturing and installation costs, build its infrastructure, grow public awareness, and attract customers. The 8-year extension of the solar investment tax credit will help the solar industry flourish to its full potential.
Hundreds of Thousands of Green Energy Jobs
Sierra Club Executive Director Carl Pope:
We are relieved that the financial package that has now passed the House and Senate includes vital job-saving extensions of tax incentives to support investment in and production of clean renewable energy as well as energy efficiency products and programs. The extension of these provisions will save tens of thousands of jobs that were already at risk, and paves the way for hundreds of thousands more to be created in the years to come.Passing these renewable energy tax incentives for wind and solar represents one of the most important ways America can enable the transition to a clean energy economy. Supporting investment in these clean energy technologies will create new high wage American jobs, save consumers money on their energy bills and reduce global warming pollution.
In Brief, What’s Been Approved
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 and will be partially paid for by closing tax loopholes for the oil and gas industry.
More on the bailout/renewable energy bill at :: Renewable Energy World, :: BBC News, :: CNN
Renewable Energy Incentives
You’ve Got to Be Kidding: Renewable Energy Incentives Held Hostage by Tax Debate
Finally! Renewable Energy Tax Incentives Receive Overwhelming Approval in Senate
Important U.S. Renewable Energy Incentive Package Still Stalled in Senate
Thirsty for more? Check out these related articles:
- 20% Renewable Energy for South Australia, 10 Years Ahead of Schedule
- So What's in Obama's Overstuffed Environmental Suggestion Box?
- The Sigh of Relief You Just Heard Was From the Earth Itself: U.S. Renewable Energy Tax Incentive Extension Signed Into Law
- Rooftop Solar Power Installations to Receive Generous French Feed-In-Tariff
Planet Green and SCJohnson Launch the Give Green Sweepstakes
|
Walmart's Eco-Jewelry Jive, Coconut-Based Decor and Dallas Does Green
|
IT 's about freakin' time. Now, the next step is to push for a 10 or 15-year extension for these, so the solar and wind (and wave, etc.) industries can make the kind of long-term investments to build the industries up to where they need to be. Hopefully after the election. If not then, then in 2010, when the Dems are projected to make a filibuster-proof majority in the senate.
Eight years for solar is good but one year for wind sucks; especially when you look at how long the oil and gas industry have benefited from 'tax loopholes'...
We may get green tax credits, but we also got a $700 billion dollar price tag.
I think we got the short end of the stick on all this... the masters of the universe made out pretty well.
Great post. Yes, this is fantastic news. We need legislation and leadership focused not just on the next election cycle; but on the creation of long-term incentives which will shape energy policy over the next few decades. Rebuilding our energy industry for the 21st century will not be cheap or quick; but it is the best path we have toward continued growth and stability in our nation.
In my opinion, renewable energy presents not just a change for economic development and job creation; but the single greatest opportunity we have today to leverage American innovation toward the revitalization of our economy.
Just one quick example: a California company is manufacturing an algae biofuel that could replace oil. While there are still many competing solutions for vehicle fuels, this one is certainly very promising. Imagine America replacing the Middle East as the world’s source of vehicle fuel. This year the Middle East will receive roughly a trillion dollars from around the world for its oil exports, with billions of dollars coming from the US. What if those dollars were flowing in the other direction? Imagine what that would do for America, in terms of revenue and new jobs for our citizens.
Thanks again for all you're doing to promote renewable energy and fight the climate crisis.
~Andrew Duggan