Show of Bipartisanship on Energy Tax Credit

Show of Bipartisanship on Energy Tax Credit

A bipartisan group of 42 senators is urging President Bush to extend renewable energy tax credits for five years when he sends Congress his fiscal 2008 budget in early February.

In a letter to the president, the lawmakers pointed out that the tax incentive for renewable energy outlined in the Energy Policy Act of 2005 is set to expire Dec. 31, 2008 – not enough time to stimulate much-needed development of new renewable energy sources.

“In the past, the short-term, start-and-stop nature of the credit has not sufficiently provided utilities, developers, manufacturers and investors with the necessary certainty to maximize the vast potential for renewable technologies,� said the dozens of senators who signed off on the Dec. 15 letter. The group included Energy Committee Chairman Pete Domenici (R., N.M.) and Jeff Bingaman (D., N.M.), expected to become chairman when the Democrats take control of the Senate next month.

Strengthening investments in renewable energy such as wind, solar and geothermal power is crucial to national security, the senators wrote. Not only would those energy sources help address concerns about greenhouse gases that experts say lead to global warming, but also electricity produced from renewable sources could take pressure off natural gas prices.

Let the epiphanies begin! I am curious how far and how fast our leaders are willing to move on energy reform. If they get this right, it can minimize so many risks in our future.