In Senate, renewable energy tax credits in danger of, well, not being renewed

[DogPoundPup]

Even as lawmakers of both parties talk about the need to shift the country toward clean, renewable energy, Congress is in danger of letting key tax credits that have fueled the growth of wind and solar power expire at the end of the year.

The Senate failed for the second time in a week today to pass a bill to help businesses and homeowners switch to renewable energy. The tax incentives have strong bipartisan support, but they have been caught up in a fight between Democrats and Republicans over how to pay for them.

The stalemate is causing jitters among utilities and investors, including many Bay Area venture capitalists and companies that are making billion-dollar bets on new technology, solar power plants and manufacturing sites to build solar panels and wind turbines. Many projects are being put on hold until Congress acts.

Arno Harris, CEO of San Francisco-based Recurrent Energy, which helps finance and operate large-scale solar power projects, said his company is rushing to finish its current projects before Dec. 31, when the credits expire. Because large solar projects can take up to six months to build, the company is delaying starting new projects in the United States until the credits are renewed.

"It creates a hiccup that is very unfortunate," Harris said.

The stalemate is a classic example of how even popular programs can fall victim to gridlock in Washington.

House Democrats, seeking to abide by "pay-as-you-go" budget rules, insist that the tax credits must be paid for by raising revenue elsewhere. But Senate Republicans have balked at every idea proposed so far to find that money.

The House first passed a measure early last year to extend the renewable energy credits by cutting subsidies to big oil companies. The oil industry lobbied fiercely, President Bush vowed to veto it and the Senate blocked it.

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http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/06/17/MNVE11ALRM.DTL

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OIL COMPANIES MUST BE SUBSIDIZED therefore no money for tax credits for renewable energy.
OIL COMPANIES MUST BE SUBSIDIZED therefore no money for tax credits for renewable energy.
OIL COMPANIES MUST BE SUBSIDIZED therefore no money for tax credits for renewable energy.

[midnight]

1. Lots of talk about going green.

[Triana]

2. Gov't priorities: BASSACKWARDS, as usual. n/t

[NNadir]

3. You mean renewable energy doesn't work without subsidizing wealthy homeowners?

You would think that a subsidy of this type would be very popular in the Senate since only the wealthiest citizens will be eligible for it.

[spag68]

5. renewable subsidies

I don't know where you get your info,however, those are part of the 30% of installation of pv systems that bring the cost into many peoples budget area. As a retired electrician and a certified pv installer, I know the cost is still too high, but we have to start somewhere, and if only wealthy people can afford them right now, the costs will come down for everyone when enough are manufactured. some of these systems can now be installed for a reasonable amount if you have matching grants from the state. NJ and NY have programs that almost make it so.With or without subsidies, the most important thing to work for is called net metering, meaning the power company hast to allow your meter to turn backwards and compensate you for energy produced. When 1$ a watt replaces 4$ a watt <1 to 2 years> we will be in business. Everyone should have backyard or rooftop power generators, independence scares them the most.

[ladjf]

4. Of course. Everything that is good for the people must be stopped.