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February
27, 2008
Washington,
DC, USA: House of Representatives Passes Renewable Energy Bill
A
broad coalition of 120 corporations, environmental groups, investors,
labor, nongovernmental organizations, public health organizations,
and utilities helped to pass H.R. 5351, the Renewable Energy and
Energy Conservation Tax Act of 2008 in the House of Representives
today. The legislation passed the House by a vote of 236 to 182.
The
bill, if approved in the Senate and signed by the President, would
extend federal tax incentives for energy efficiency and renewable
energy technologies that have expired, or will expire, at the
end of this year.
"America
is on the cusp of a new, clean energy economy. The clean energy
tax incentives in H.R. 5351 would help our country make the transition
to this economy -- an economy powered by low-carbon technologies
that help solve global warming, reduce energy prices for consumers
and create new high-wage jobs," said the group in a letter sent
to Congressional representatives yesterday.
The
far-ranging group represents all sectors of the economy including
corporate giants Wal-Mart Stores, Best Buy Co., The Home Depot,
and Dow Chemical, and utilities including Florida Power and Light
and Pacific Gas & Electric. Others include the Solar Energy Industries
Association, Sierra Club, National Association of Home Builders,
National Resources Defense Council, National Wildlife Federation
and the United Steelworkers.
The
bill extends the 30% investment tax credit for solar energy property
and qualified fuel cell property for eight years (through the
end of 2016). It also increases the $500 per half kilowatt of
capacity cap for qualified fuel cells to $1,500 per half kilowatt
of capacity. The residential solar system ITC cap is $4,000 in
the bill.
The
bill removes an existing limitation that prevents public utilities
from claiming the investment tax credit and allows the energy
credit to be used to offset alternative minimum tax (AMT). This
proposal is estimated to cost $621 million over ten years.
"These
incentives must be extended immediately to avoid significant harm
to the developing clean energy industries in the United States.
The technologies produced by these industries play a vital
role in reducing global warming pollution, creating new high-wage
jobs in our country, and saving consumers and businesses money
on their energy bills," stated the group’s letter.
The
national sign-on letter was coordinated and delivered by the Solar
Energy Industries Association (SEIA) in Washington, D.C.
On
passage in the House, Rhone Resch, President of SEIA said, "Now,
the Senate is up to bat and we are cheering in the stands. It's
up to Senate leaders to step up to the plate and find a workable
path to pass this important bill. They must decide if they stand
with the 85 percent of Americans who want clean energy and a more
secure America or if they will maintain the status quo. It’s time
for the Senate to listen to business leaders and the American
public and pass legislation that creates a market for solar energy
in the U.S."
Further
details about: Solar Energy Industries
Association
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