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Reducing America's Addiction to Oil
March 7, 2007
For Immediate Release

Rep. Jim McDermott and a bi-partisan group of House leaders introduced legislation today to extend and improve crucial energy tax credits for American homes and commercial buildings as a major thrust in national energy policy to reduce America's addiction to oil and the impact of hydrocarbon emissions on global warming.

"We've got to think in terms of energy efficiency, in addition to clean energy production, and we've got to focus our efforts where they can have the greatest impact in the least amount of time," McDermott said. "The homes we live in and the offices we work in actually account for the greatest amount of carbon emissions in the U.S., even bigger than automobiles," McDermott said, citing data from the Environmental Protection Agency.

Rep. Ed Markey (D-Mass.) agreed. "This bill helps provides the tax incentives needed to jump start efforts to make are nation more energy efficient," Markey said. "We know that our consumption of electricity and natural gas are nothing more than a function of how energy efficient our buildings and appliances are in their consumption of energy. If we work smarter by becoming more efficient, we don't have to work harder to build expensive new power plants that also generate the greenhouses gases that cause global warming."

Rep. Jerry Weller (R-IL) said: "Achieving energy independence and addressing climate change requires bi-partisan effort and I'm pleased to be part of this effort. As 20 per cent of all energy is consumed in our homes, we made progress in the 2005 Energy Bill with incentives to encourage energy efficiency in new and existing homes. But we need to do far more to encourage the introduction of more efficient heating, lighting and cooling systems in both residential and commercial buildings. The EXTEND Act is a major step forward and deserves swift action by the Congress."

Currently, taxpayers receive a credit for the purchase and installation of energy efficient products and technology in homes or commercial buildings. These tax credits, first available in 2006, are scheduled to expire at the end of this year. This legislation would extend the existing tax credits for four years. In addition, the new law would phase in new tax credits that reward on-going energy efficiency. The more energy that can be saved, the more America benefits.

"We're trying to change the way we think. By providing credits based on energy savings, we will promote on-going energy efficiency, reducing energy consumption. It will mean extra money in American pockets year after year, and more bang for the taxpayer dollar," McDermott said.

Weller added that this approach is expected to create new jobs, because energy efficiency would be tested and certified as accurate by specially trained personnel every year.

Markey said the legislation is a comprehensive approach to seeing energy efficiency as an on-going effort.

McDermott added that this approach will encourage American manufacturers to create new and innovative products and technologies, because the real payback for consumers will continue for several years.