October 3, 2008
Congress-Approved Renewable Energy Tax Package Will Save Consumers Money, Boost Economy and Create Jobs, Science Group Says
Statement by Alan Nogee, Union of Concerned Scientists
WASHINGTON (October 3, 2008) – The U.S. House of Representatives today passed an economic bailout package that includes tax credit extensions for renewable energy and energy efficiency measures, many of which were set to expire at the end of this year.
In addition to extending tax credits for wind, solar and biomass projects through 2009, the bill includes tax incentives for constructing energy-efficient buildings, investing in solar electric systems, installing efficient home heating and cooling equipment, manufacturing efficient home appliances, retrofitting existing homes to save energy, and buying plug-in hybrid vehicles. Unfortunately, the tax credit extension also includes projects for making liquid coal and refining oil shale that will increase pollution. The Senate passed an identical bill on Wednesday, and the president is expected to sign the bill into law promptly.
Below is a statement by Alan Nogee, the Union of Concerned Scientists' Clean Energy Program director:
"Extending the renewable energy tax credits is crucial for maintaining and creating thousands of good green collar jobs. Wind, solar and other renewable energy projects, along with energy efficiency improvements, are proven economic engines that also reduce global warming pollution and can move us toward energy independence. That's why a coalition of more than 200 business, trade and advocacy groups supported extending these incentives.
"This package is a good start. Renewable energy offers far more growth potential in the years ahead. To unleash that potential, the next Congress should extend the tax credits for an even longer time frame so the industry can make long-term investments in clean energy. One study found that extending tax credits for six years for solar energy alone would generate 440,000 permanent jobs and over $230 billion in new investment by 2016. Congress should also pass a federal Renewable Electricity Standard to require utilities to increase their use of renewable electricity to at least 25 percent by 2025. It also needs to end subsidies to oil and coal that increase global warming pollution."
The Union of Concerned Scientists is the leading U.S. science-based nonprofit organization working for a healthy environment and a safer world. Founded in 1969, UCS is headquartered in Cambridge, Massachusetts, and also has offices in Berkeley, Chicago and Washington, D.C.
