The Senate Finance Committee included a one year extension of solar and wind tax credits in the economic stimulus bill.
The credits, which are due to expire at the end of 2008, are essential to the continued skyrocketing growth of both the solar and wind industries in the U.S.
The tax credit, which also would apply to electricity from solar, geothermal, fuel cells and energy-efficiency rebates, would cost approximately $5.5 billion. It also extends the credit to individuals and businesses that install these renewable energy systems.
A recent study by the Blue-Green Alliance shows that a strong investment in renewable energy could create over 820,000 new renewable energy jobs and bring billions in economic growth.
The Senate vote is expected on the stimulus package next week.
Senators who have expressed support for the inclusion of the renewable energy incentives include: Cantwell, Snowe, Wyden, Smith, Klobuchar, Kerry, Sununu, Sanders, Dole, Boxer, Johnson, Allard, Salazar, Mikulski, Stabenow, Murray, Dorgan, Brown, Bayh, Clinton, Collins, Specter, Menendez, Thune, Feingold, Dodd, Levin, Obama, Brownback, Coleman, Murkowski, Feinstein, Schumer, Stevens, Lautenberg, Leahy, Akaka, Kohl, Roberts, Grassley, Bingaman, and Domenici.
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