Extension of the Alternative Energy Tax Credit stalls in Congress
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Extension of the Alternative Energy Tax Credit stalls i... - 7/9/2008 7:53:51 PM
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wing2000
Posts: 1051
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While every seems to agree we need to invest in alternative energy sources to become more energy independent, Congress can't seem to pass legislation that would extend the existing tax credit past 2008. Go figure.
Excerpt:Solar Companies look abroad....
The federal tax credits cover 30 percent of the cost of buying equipment and installing solar power systems for businesses, and up to $2,000 for a residential system, which typically costs $8 to $10 per watt.
Debate over how to pay for the credits has stymied efforts to pass an eight-year extension. House Resolution 6049, which pairs the tax credit with tougher accounting rules for multinational corporations, passed the House of Representatives on May 21 but has stalled in the Senate. The bill has 52 of the 60 votes needed to block a filibuster.
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RE: Extension of the Alternative Energy Tax Credit stal... - 8/3/2008 10:03:11 AM
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wing2000
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...with every passing day, alternative energy projects for 2009 go down the tubes because our Congress fails to act. Now Republicans are holding back in the name of off-shore drilling (note that McCain has refused publicly to take a position).
Excerpts...
The future of the world's largest solar power plant, planned for the Arizona desert, could depend on whether the two presidential candidates manage to get back to Washington.
Efforts to actually get a vote on extending federal income-tax credits for renewable-energy projects have been stalled as Democratic leaders have been unable to round up the 60 votes necessary to bring the bill to the floor.
At this point, the future of the Arizona plant, dubbed Solana, remains in doubt, especially without McCain. That's because Republicans are blocking action on any energy bills until the Democratic-controlled Senate first acts on the president's request to lift the ban on offshore drilling for oil.
But McCain, as the home-state senator for this project, might be able to convince enough GOP colleagues to break ranks to at least permit a vote on the measure. If that occurs, it stands a decent chance of approval. There were 51 votes in the 100-member Senate this week to close off debate and advance SB 3335 for floor action, even without McCain and Obama.
http://www.azstarnet.com/business/250928
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RE: Extension of the Alternative Energy Tax Credit stal... - 8/3/2008 3:24:42 PM
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OneJohn410
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Your first link has somehow died in pointing to an article.
I may just retro-fit my mountain bike with an electric motor and some disc brakes, and solar charge its battery. I may just set up a huge windvane in my backyard and see if I could microwave supper one evening off wind power. Right now, however, my car helps me get around town, and it runs on gasoline. Right now my country depends on getting most of the oil it needs from other countries. Alternative energy sources are a great idea. Protecting the beautiful environment of some of the USA is a great idea. Empowering the USA to provide itself with a lot more of its own oil... priceless. You've got national pride built in to the equation, plus a likely drop in gasoline costs, which impact costs of everything else. Alternative energy needs to step up to the plate, but right now someone else is at bat.
OneJohn410
_____________________________
"If God is for us, who can be against us?... death, life, angels, demons, the present, the future, any powers, height, depth, nor anything else will separate us from the love of God that is in Christ Jesus our Lord. Romans 8
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RE: Extension of the Alternative Energy Tax Credit stal... - 9/6/2008 9:55:15 AM
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wing2000
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While both McCain and Obama say they support alternative fuels, where is their leadership in Congress to extend the alternative energy tax credit?
I know of several large solar projects here in Arizona that are on hold as a result of inaction by Congress.
Write your congressmen and tell to act. The bill is supposed to come up for vote again in September.
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WASHINGTON - Congress is putting the short-term future of renewable energy companies in jeopardy even as the presidential candidates and most lawmakers hail windmills, solar panels and biofuels as long-term solutions to high gasoline prices and global warming.
About $500 million in investment and production tax credits will expire Dec. 31 unless Congress renews them. Without that help, solar and wind power companies say they will reverse planned expansions and cut payrolls and capital investment.
Schott Solar spokesman Brian Lynch said the investment tax credit is what makes solar power cost-competitive. Without it, expansion plans must be reconsidered.
The Solar Energy Industries Association says about 20 utility- scale solar power plants, capable of producing power for a million homes, are at risk because of the uncertainty in Congress.
http://www.redorbit.com/news/business/1544541/expiring_tax_breaks_threaten_wind_solar_power_industries/
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RE: Extension of the Alternative Energy Tax Credit stal... - 9/6/2008 1:04:58 PM
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colliefan
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From: Raleigh, NC
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quote:
I know of several large solar projects here in Arizona that are on hold as a result of inaction by Congress
If the project is so promising, why hasn't the private sector stepped up to the plate to finance the project? OK, T. Boone put your money where you mouth is; or, are just a bag of hot air with your wind energy?
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RE: Extension of the Alternative Energy Tax Credit stal... - 9/6/2008 4:09:27 PM
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wing2000
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quote:
If the project is so promising, why hasn't the private sector stepped up to the plate to finance the project?
They have. The projects are not economically viable without the tax credit.
If you don't believe the government should provide incentives for solar energy (as it has for the last few years), then my point is mute. I would assume you also are opposed to current tax brakes given to oil companies.
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RE: Extension of the Alternative Energy Tax Credit stal... - 9/6/2008 4:56:59 PM
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colliefan
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If you don't believe the government should provide incentives for solar energy (as it has for the last few years), then my point is mute. I would assume you also are opposed to current tax brakes given to oil companies.
yes
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RE: Extension of the Alternative Energy Tax Credit stal... - 9/13/2008 10:22:17 AM
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wing2000
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...another attempt to extend the credits:
NEW YORK (MarketWatch) -- Sens. Max Baucus and Chuck Grassley on Thursday [sept 11] unveiled bipartisan measures to reduce tax breaks for large oil and gas companies and extend credits for wind and solar power, amid a flurry of attention around offshore drilling and energy.
The tax credits to help finance giant wind turbines and photovoltaic arrays are now back on the table after a series of legislative setbacks in recent months.
Key components of the bill include the following: long-term extensions of tax credits for wind and solar energy; a consumer credit of up to $7,500 for plug-in electric vehicles; new credit for capture and storage of carbon dioxide; and $2.5 billion in new credits for clean-coal facilities.
The cost of the bill is offset in part by reducing the manufacturing deduction for the domestic-manufacturing activities of the five largest oil and gas companies. As with other oil and gas incentives, the manufacturing deduction has been left intact for smaller, independent domestic producers.
http://www.marketwatch.com/news/story/wind-solar-tax-credits-back/story.aspx?guid={5B2846EE-7BE1-4BF7-A456-B179A13E33A1}&dist=hplatest
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RE: Extension of the Alternative Energy Tax Credit stal... - 9/13/2008 11:17:10 AM
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Rockwall
Posts: 202
Joined: 8/18/2008
From: Texas
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quote:
ORIGINAL: OneJohn410
Right now, however, my car helps me get around town, and it runs on gasoline. Right now my country depends on getting most of the oil it needs from other countries. Alternative energy sources are a great idea. Protecting the beautiful environment of some of the USA is a great idea. Empowering the USA to provide itself with a lot more of its own oil... priceless. You've got national pride built in to the equation, plus a likely drop in gasoline costs, which impact costs of everything else. Alternative energy needs to step up to the plate, but right now someone else is at bat.
OneJohn410
Well said, I agree.
I signed the Drill Here. Drill Now. Pay Less petition back when it was under 500,000 signatures and now more than 1.4 million people have signed it: Drill Now petition LINK
McCain didn't ignore it because he used that line (watch the vid) :
quote:
McCain: 'We Have to Drill Here and Drill Now'
ABC News Ron Claiborne and Bret Hovell Report: After touring the National Label Company in eastern Pennsylvania, Republican presidential hopeful John McCain spoke on energy policy, attacking Obama for his opposition to nuclear power and offshore oil drilling, and three times giving a forceful version of the line "we need to drill here and we need to drill now."
"We need to off-shore drill for oil and natural gas," McCain said, "And anybody who says we can achieve energy independence without using and increasing these existing energy resources either doesn't have the experience to understand the challenge we face or isn't giving the American people some straight talk.
McCain drill now LINK
Currently we have more oil than Venezuela (the #4 place we get oil from) yet many Americans don't want to use OUR oil. We are the only country in the world that does not exploit it's oil. 2008 Oil Import LINK
_____________________________
Power tends to corrupt, and absolute power corrupts absolutely
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RE: Extension of the Alternative Energy Tax Credit stal... - 9/13/2008 11:23:34 AM
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wing2000
Posts: 1051
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quote:
Well said, I agree.
I signed the Drill Here. Drill Now. Pay Less petition back when it was under 500,000 signatures and now more than 1.4 million people have signed it: Drill Now petition LINK
Rockwell,
Are you also in favor of extending the tax credits for alternative energy?
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RE: Extension of the Alternative Energy Tax Credit stal... - 9/13/2008 2:00:30 PM
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Rockwall
Posts: 202
Joined: 8/18/2008
From: Texas
Status: offline
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quote:
ORIGINAL: wing2000
quote:
Well said, I agree.
I signed the Drill Here. Drill Now. Pay Less petition back when it was under 500,000 signatures and now more than 1.4 million people have signed it: Drill Now petition LINK
Rockwell,
Are you also in favor of extending the tax credits for alternative energy?
From your link above:
quote:
Proponents of wind power are in a similar predicament. Greg Wetstone of the American Wind Energy Association says his group is predicting a loss of 76,000 jobs and $11.4 billion in investment if Congress allows its production tax credit to expire.
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This year Congress is considering tax-extenders worth more than $50 billion over the next decade. The production tax credit would cost $7 billion and two solar investment credits would cost $2.7 billion over 10 years.
I would have to read more into why they do not want to extend the tax credit, but it definitely isn't cheap. As for stating that there would be a loss of 76,000 jobs is interesting because whenever they try to build a clean-coal power plant and state the number of jobs that would be made, people completely ignore that fact.
One thing I do not like about wind farms is that some have to be turned off during bird migration seasons because too many birds are killed.
I will tell you what I would be for: nucular power plants (yes it's 3 syllables not 2  ) No seriously, many want wind or solar energy because it is cleaner burning than coal powered plants and also for energy independence. France uses nuclear power plants for those reasons and it has been very successful.
(This is a 2007 article so notice the cost of oil)
quote:
Nearly 80 percent of the country's electricity comes from 58 nuclear power plants, crammed into a country the size of Texas. Pierre Gadonniex, the head "Electricite de France," the country’s national utility says it all began with a French obsession for energy independence.
"In France, we have nearly no coal. We have no oil. So clearly, nuclear appeared to be the best way," Gadonniex explains. "And 30 years later, it appears to be a very smart decision."
Because nuclear plants emit no greenhouse gases, France has the cleanest air in the industrialized world, and because the price of oil is now around $60 a barrel, it has the lowest electric bills in Europe. In fact, France has so much cheap electricity, it exports it to its European neighbors. French nuclear plants supply power to parts of Germany, Italy and help light the city of London.
France nuclear power LINK
_____________________________
Power tends to corrupt, and absolute power corrupts absolutely
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RE: Extension of the Alternative Energy Tax Credit stal... - 10/5/2008 8:44:15 AM
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wing2000
Posts: 1051
Joined: 4/14/2005
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Excerpts:
The House of Representatives passed the green incentives attached to the financial bailout package approved by the Senate Wednesday night and President Bush promptly signed the legislation into law.
* The 30% solar investment tax credit has been extended to 2016, giving solar startups, utilities and financiers the certainty they need for the years’ long slog it takes to get large-scale power plants and other projects online. The extension is particularly important to those Big Solar projects that need to arrange project financing in the next year or so.
* The $2,000 tax credit limit for residential solar systems has been lifted, meaning that homeowners can get a 30% tax credit on the solar panels they install after Dec. 31. That will save a bundle - especially for those who live in states with generous state rebates - and goose demand for solar panel makers and installers like SunPower (SPWRA) and First Solar (FSLR). (If you buy a $24,000 3-kilowatt solar array in California - big enough to power the average home - you can claim a $7,200 federal tax credit. Add in the state solar rebate and the cost of the system is cut in half.)
* Utilities like PG&E (PCG), Southern California Edison (EIX) and FPL (FPL) can now themselves claim the 30% investment tax credit for large-scale solar power projects. That should encourage those well-capitalized utilities to build their own solar power plants rather than just sign power purchase agreements with startups like Ausra and BrightSource Energy.
http://greenwombat.blogs.fortune.cnn.com/2008/10/03/congress-sets-stage-for-solar-boom/
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