House Passes Renewable Energy And Energy Conservation Tax Act

Posted by SI Staff on February 28, 2008 No Comments
Categories : New & Noteworthy

The U.S. House of Representatives has approved H.R.5351, The Renewable Energy And Energy Conservation Act, by a vote of 236 to 182.

The bill includes an extension of the solar 30% investment tax credit (eight years for commercial and six years for residential), increases the residential solar cap to $4,000, and extends other renewable-energy provisions – including the wind production credit, new clean renewable energy bonds, energy-efficiency tax credits, renewable fuels credits, and a plug-in hybrid vehicle credit.

‘The incentives in this legislation will greatly expand the use of solar energy, and we estimate solar power will provide 50 percent of all new electricity generated in the U.S. within eight years,’ says Rhone Resch, president of the Solar Energy Industries Administration. ‘During this growth, the solar energy industry will become an economic engine, creating tens of thousands of high-tech jobs and billions in investment throughout the nation. It will also help our country achieve national energy security and save American taxpayers billions in energy costs.’

Resch adds that notable supporters of H.R.5351 include The Home Depot, Wal-Mart Stores, Best Buy Co., Target, Florida Power and Light, Pacific Gas & Electric, Physicians for Social Responsibility, National Resources Defense Council and the United Steelworkers.

The bill now moves on to the Senate for discussion and voting.

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