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Renewable energy: Say what you mean, mean what you say


Posted by: Vivian Buckingham | June 11, 2008

As a young woman, I dated a true malaprop. I knew his feelings for me were true, but if I really paid attention to his words, I would have had serious doubts. He would look deep into my eyes and say, “You cease to amaze me.” And I would reply, “Gee, thanks, honey.”

Well, the Senate has ceased to amaze me, having killed two climate change-related bills in less than one week.

The Renewable Energy and Job Creation Act of 2008, which would have extended tax credits for renewable energy that are set to expire at the end of this year, failed yesterday by a vote of 50-44 (60 votes were needed to overcome a filibuster). The $54 billion package included:

  • A six-year extension of the investment tax credit for solar energy;
  • A three-year extension of the production tax credit for biomass, geothermal, hydropower, landfill gas, and solid waste;
  • And a one-year extension of the production tax credit for wind energy.

The bill also contained incentives for the production of renewable fuels such as biodiesel and cellulosic biofuels, incentives for companies that produce energy-efficient products, and incentives to improve efficiency in commercial and residential buildings.

Funding for the tax credits would have come from closing loopholes for hedge-fund managers and multinational corporations. The House passed the partner bill last month by a vote of 263-160.

The renewable energy industries are beginning to sweat as the expiration of those tax credits near at the end of 2008:

"More than ever, with record energy prices, record unemployment, and grave concerns about global warming, Congress needs to work out differences so we can stabilize energy costs for consumers and businesses, improve our nation's energy security, and create tens of thousands of quality, green-collar jobs," said Solar Energy Industries Association President Rhone Resch following the vote.

And that’s not to take notice of the Consumer First Energy Act, which also failed yesterday and would have levied a 25 percent tax on "windfall profits" of major oil companies. The proceeds of that bill would have been invested in the Energy Independence and Security Act Trust Fund. Companies could avoid the tax by investing in renewable energy.

So can we have it both ways? Can legislators be concerned about cost impacts on the American public and the business sector while at the same time continuing to prop up policies that will threaten the nation’s energy security and delay investment in the move toward a clean energy economy? Say what you mean, Senators, but better yet mean what you say.

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Comments

September 10, 2008
10:22 AM

instant online loans said:

Each of the energy sources we use is measured, purchased, and sold in a different form. Many units of measurement are used to measure the energy we use.

November 3, 2008
5:22 AM

visitor said:

In the past, renewable energy has generally been more expensive to use than fossil fuels. Plus, renewable resources are often located remote areas and it is expensive to build powerlines to the cities where they are needed.

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