A bill introduced in the U.S. Senate would enable home and business owners to defray upfront costs of investing in energy-saving technologies, including the introduction of performance-based tax credits for whole home retrofits
U.S. Senate Energy and Natural Resources Committee Chairman Jeff Bingaman (D-NM) and Small Business and Entrepreneurship Committee Ranking Member Olympia J. Snowe (R-ME) introduced the package of tax incentives that they say will create thousands of manufacturing and clean energy jobs, while allowing businesses and families to make long-term energy-savings investments.
Bingaman and Snowe are pushing for passage of the bill before Congress adjourns in December.
The Advanced Energy Tax Incentives Act of 2010 (S. 3935) focuses broadly on building and industrial energy efficiency; domestic manufacturing; emerging clean energy technologies; and carbon mitigation. It incorporates several bills the Senators jointly introduced earlier this Congress alongside numerous new provisions. A summary of its provisions is available here. Highlights include:
- Make $2.5 billion in tax credits available to attract manufacturers of technologies that harness clean renewable energy or enhance energy efficiency, and establish a $1 billion tax credit program to enable American manufacturers to undertake energy-saving measures that advance their competitiveness
- Facilitate the growth of renewable electricity by creating a tax incentive for energy storage systems, which will enable utilities to deploy intermittent energy sources like wind and solar power while reducing energy demands during peak hours and contributing to an overall more reliable smart grid
- Retool the tax credit for carbon capture and storage (CCS) to give CCS projects greater certainty.
Bingaman also introduced a stand-alone Renewable Electricity Standard bill at the end of September. Read more about Bingaman’s push to address energy policy during this fall’s lame-duck session–at the link below.
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