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After spending 20 years working in the renewable energy field I know firsthand how important growth and investment tax credits have been in spurring renewable energy use and production.
These tax credits helped turn a once fledgling portion of the energy sector into a major player. Wind energy is now one of the most cost-effective and viable options for power production, and solar energy continues to come down in price.
I worked hard to include provision for extending the production tax credit for wind and the investment tax credit for solar in this bill. I’m proud that the House acted to prevent a setback of recent gains by shutting off support for these burgeoning technologies.
We haven’t yet begun to realize the potential for job creation in the renewable industry. Simply put, we need to be doing much more to expand the use of clean energy, and one of the best ways to accomplish this goal is to extend investment and production tax credits.
The bill we voted on today comes on the heels of the big five oil companies’ latest reports of record profits.
Our bill channels unnecessary funding that is going to the oil companies back to the renewable industry, where it’s greatly needed. I cannot overstate the urgency of extending these energy tax credits as soon as possible. As with any other form of electrical generation, renewable energy projects adhere to development timelines, and if the schedule of a project is delayed due to uncertainty about the tax credits, a year long construction cycle will be lost – setting us further behind other nations in renewable energy production and job creation.
As someone who has personally witnessed the benefits of this bill, I want to thank the leadership, particularly Speaker Pelosi, Majority Leader Hoyer, Caucus Chairman Clyburn and Chairman Rangel, for working diligently to pass today’s energy tax credit legislation.
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