Unless you’ve been away on a several-month long vacation in another solar system, you know all about the incredible turmoil we’ve been experiencing in the world stock and money markets and in the “real economy.” Now that the “Emergency Economic Stabilization Act of 2008,” with the “Troubled Asset Relief Program” at its core, has been passed by the House and the Senate, with a very swift signing by the President and passage into law, we may – or may not – see some settling down. (See this from the AP.)
In any event, as I noted in the last post, one of the facets of the new legislation is the extension of billions of dollars worth of tax credits for the solar, wind and other renewable industries and the creation of some new mechanisms such as support for plug-in hybrid electric vehicles (PHEV). These provisions are contained in Division B of the new law, the “Energy Improvement And Extension Act Of 2008.” (See pp. 113 to 261 here, but for an infinitely more succinct summary, see this from the Senate Finance Committee, pp. 1-7.)
As you might imagine, the renewables folks are over the moon. See this release from the Solar Energy Industries Association. “By passing this bill, Congress has finally given the solar energy industry “policy certainty’ that will attract investment, expand manufacturing and lower the cost of solar energy to consumers,” said Roger Efird, SEIA chairman. The American Wind Energy Association said here “These tax credits are essential to the continued growth of wind energy, to the economic and energy security of the United States, and to a successful beginning in the fight against global warming.”
The jobs issue, in this extraordinary economic downturn , okay recession , is a critical one. I’ve noted that at this blog any number of times, including under “Green Jobs” from my post here last month. WorldWatch Institute has a special report here on the global prospects for jobs from renewables, energy efficiency and other clean tech fields, and the US Conference of Mayors have just put out their report on “Current and Potential Green Jobs in the US Economy.”
These tax credits will go a long way to providing a further boost for these key industries for economic growth and environmental health. We may yet get this damn thing right!