The Cantwell/Ensign Energy Bill

As we reported this week the federal tax incentives for both business and residential solar energy and wind energy are set to expire at the end of the 2008. Consequently there are several bills before Congress which are attempting to extend the renewable energy incentives. One bill has already been shot down because it proposed to pay for the incentives by eliminating some of the absurd tax incentives that Bush gave to his oil buddies last year. Fortunately a new bill has been introduced by Senators John Ensign and Maria Cantwell which has a greater chance of making it through. This bill, called the Clean Energy Tax Stimulus Act of 2008, does not call for the solar and wind incentives to be paid for by the oil companies so it might get through.

One of the things we like about this bill is that it not only calls for extending the tax incentives, but it also calls for removing the $2000 cap. This cap has served to minimize the extent to which larger home owners will invest in renewable energy for their home. At a time when energy prices have gone through the roof (sometimes literally) it seems utterly ridiculous to put a cap on how much renewable energy a homeowner can be credited for.

Another thing we like about this bill is that it is broad in scope, and provides incentives for many kinds of renewable energy such as solar, geothermal, wind, biomass, hydropower facilities and much more. Extending the solar and fuel cell Investment Tax Credit for eight years also encourages tremendous development of these technologies.“ Senator Ensign was absolutely correct in saying “If Congress continues to drag its feet, many projects across the country will be a sad reminder of potential that was never met."

It is gradually beginning to dawn on some members of Congress that renewable energy means jobs, local jobs, and so support for Green initiatives seems to be growing despite the current administration's attempt to crush any energy initiative that would compete with the oil conglomerates. Studies have shown that the Production Tax Credit and Investment Tax Credit for renewable energy projects would help create 120,000 employment opportunities and bring almost $20 billion in economic investment into the country.

At last count Ensign and Cantwell’s bill has 6 Democratic cosponsors and 14 GOP cosponsors. It will need to have strong support from both sides of the isle if it is to have a chance of getting Bush to sign it. Therefore, we strongly urge you to contact your own senator and let them know you support this bill and want to see the renewable energy tax credits extended. The bill needs 40 more votes if it is to make it through. Help us find the favorable forty! Thanks!