Expiring Renewable Energy Tax Credits Get Last Chance
A bill to renew federal tax credits for solar and wind energy has been stuck in Congress all year. That’s made business owners and employees in the industry uneasy.
But the credits may not be dead. Senate leaders decided to attach the renewable energy bill that prolongs the credits onto the $700-billion financial bailout package that lawmakers hope to vote on tonight.
This actually makes sense, and not just because it’s the government’s last chance this year to save a booming sector of the economy from an uncertain future. (I’ll have more on just how uncertain that future is in a forthcoming piece.)
It also makes sense because the credits will help save Main Street jobs. With the financial system ailing, unemployment on the rise and energy prices bouncing up and down, Congress can’t afford to end tax credits that have rapidly stimulated the green economy, according to solar and wind industry experts.
For now, folks in the renewable energy industry will have to keep doing what they’ve been doing all year long — nervously biting their nails as they wait to see what lawmakers do.