Renewable Energy Bill Would Energize Market
The U.S. House of Representatives recently sent the Renewable Energy and Energy Conservation Tax Act of 2008 to the U.S. Senate for consideration. The measure passed the House by a vote of 236 to 182.
"With oil prices reaching another record high of $102 per barrel, the time for action on renewable energy and American energy independence is now. This bill is good for our environment, good for our economy and good for our national security," said Congresswoman Hilda L. Solis of California. "Ending our dependence on foreign oil and using renewable energy to help fight global warming will make our nation stronger. And at a time when our economy is struggling, these investments will help create hundreds of thousands of new jobs. "
The bill makes new investments that will help reduce dependence on foreign oil, increase renewable electricity production, and protect the environment. The bill extends and expands tax incentives for renewable electricity, energy, and fuel, as well as for plug-in hybrid cars, and energy efficient homes, buildings, and appliances. Additionally, the bill includes solar energy tax credits that could reduce carbon dioxide pollution by 240 million tons.
The new investments in wind, solar, geothermal, and fuel cell technology will also create hundreds of thousands of new jobs and help strengthen the American economy. The Geothermal Energy Association estimates that the geothermal provisions alone could create tens of thousands of new jobs and stimulate tens of billions of dollars of new investment in geothermal energy production.
The legislation would repeal $18 billion in unnecessary tax subsidies for big, multinational oil and gas companies.
Solis is a member of the House Committee on Energy and Commerce and the House Select Committee on Energy Independence and Global Warming.