Bailout Bill Rescues Renewable Energy

The bailout bill rescues renewable energy. Did you know that the Emergency Economic Stabilization Act of 2008, also known as the “bailout bill,” actually included some good news for renewable energy? Wind, solar and geothermal all got a boost.
By Aly Van Dyke
December 2008/January 2009
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Renewable energy will benefit from the Emergency Economic Stabilization Act of 2008.
Photo by Istockphoto


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The bailout bill rescues renewable energy, the bill contained some important milestones for wind, solar and other forms of energy-saving systems.

Bailout Bill Rescues Renewable Energy

The Emergency Economic Stabilization Act of 2008, more commonly known as the “bailout bill,” may bail out more than our economy. The bill includes significant support for clean energy programs that promise to create new green jobs and encourage the development of renewable energy.

• The bill extended for eight years a 30 percent tax credit for business and residential solar projects. It also removed the $2,000 cap on residential solar installations.
• Another provision of the bill benefits small wind installations by including a 30 percent tax credit for wind turbines with capacities of 100 kilowatts or less, also through 2016.
• The bill extended production tax credits for wind, solar and geothermal, which will encourage development of utility-scale renewable energy.
• The bill authorized $800 million in bonds for a wide range of energy efficiency research and projects.

The extension of these crucial tax credits for clean energy programs allows further development of renewable, clean energy technologies and enables utilities, businesses and residents to purchase or invest in more eco-friendly sources of energy.

Only time will tell whether or not the bailout is effective, but given these amendments for clean energy, at least the economy will get a green boost.








Post a comment below.

 

shawn_3
11/28/2008 4:18:58 PM
Big government money for green energy is nice, but why attach it to another big buisness bail out? Mother Earth News has been in my family for 30 years and I am quite dismayed about the fact that we have allowed the polititian to turn "green" into the new "red". The writings of William Bradford on how the Plymoth colonist survived is an excellent read. We want green technologies in widespread use, but not at the expense of our personal liberty to choose not to for what ever the reason my be. As it is now the house we are in is burning down, and we are excited about getting tossed a cup of water fron the arson?








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