As Congress wrung its hands and twisted arms yesterday over a bill aimed at saving the nation from an epic financial crisis, time continued to run out for the extension of crucial tax credits for the renewable energy industry.
Both the House and the Senate have passed bills in recent weeks that would extend the production tax credit for wind power by one year, the investment tax credit for solar by eight years, and varying credits for other renewables sectors.
However, the separate bills have not been reconciled, and time is running out for an agreement before Congress adjourns to begin campaigning for the November elections.
House leaders are urging the Senate to pass their version of the bill, without compromise, and vice versa.
"We all support tax extenders … This debate is not about the need for those, it’s about an underlying principle about whether we as a government are willing to pay for things we buy," said Rep. Allen Boyd of Florida.
House Democratic Leader Steny Hoyer of Maryland told reporters Monday there is no intention to have the House return during its recess to address the tax credits issue, if no deal is reached this week.
Meanwhile, renewable energy industry associations are making final appeals to members of Congress to pass the credits, noting that renewable energy has been one of the only growth sectors in an otherwise stalling economy.
If Congress does not act to extend the renewable energy incentives, which expire at the end of the year, the solar industry alone would lose 39,000 solar jobs in 2009, according to a Solar Energy Industries Association spokeswoman.
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