(Photo of wind farm in Texas from Flickr and photographer fieldsbh)
Washington Report: In case you missed it, the $700 billion bailout bill included renewable energy tax credit extensions, which just a week earlier had seem DOA for this session of Congress because the Senate and House couldn’t agree. It was the Senate version (the least desirable one) that was attached to the bailout. So we got good news and bad news: the good being that renewable energy companies can continue to grow – the bad being that coal, oil shale and tar sands got a break too. The $17 billion package of extensions included:
• 1 year of production tax credits for wind (the industry is already lobbying for longer-term extension of credits)
• 2 years of production tax credits for geothermal, biomass and other alternative sources.
• 8 years of investment tax credits of 30% for solar energy for homes and commercial properties and removal of the $2,000 cap (so an installation costing $30,000 would be reduced to $20,000).
• Biodiesel credits for the U.S. that put an end to Europeans shipping their product here to get the credit and then back again.
• New credits for plug-in electric hybrid vehicles of $2,500 to $7,500. The new Chevy Volt would qualify at the top level.
• New credits for wave and tidal energy projects.
• New employer tax credits to reimburse up to $20/month to those who use bicycles as their main commuter transportation
• New credits for refineries that process oil shale and tar sands.
• New credits for coal-fired plants that capture and store carbon dioxide, including pumping it into depleted oil fields to extract the remaining oil.
• Inclusion of coal-to-liquid fuel as an alternative fuel.
(Sources: Greenwire, E&E Daily)
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