WASHINGTON, DC – As the price of oil continues to hover at the $100 a barrel mark, and consumers suffer from a slowing economy, today, U.S. Senator Maria Cantwell (D-WA) and her colleagues on the Senate Finance Committee not only responded to the country’s short-term economic challenges, but also looked to spur immediate investment by businesses, reduce energy costs for American families, and create jobs nation-wide. 

 

“Today, the Finance Committee took real steps to not only give consumers the immediate financial relief they need, but also to address the underlying reasons for the weakness in our economy by including clean energy tax incentives in the stimulus package,” said Cantwell.  “These incentives fit the very definition of stimulus – they are targeted and timely and will lead to tens of billions of dollars in investment and more than a 100 thousand new jobs in 2008. Only by accelerating our investment in clean sources of energy and energy-saving technologies can we get people and businesses real relief from crushing energy costs.”

 

Cantwell spearheaded efforts to include the energy tax incentives in the economic stimulus package.  The Finance Committee included Cantwell’s amendment to provide for a one-year extension of expiring clean energy and energy efficiency tax credits. 

 

These include:  the Production Tax Credit for investments in wind energy, biomass, hydropower, and geothermal electricity facilities; and the 30 percent investment credit for businesses that install solar or fuel cell equipment.  In addition, a set of effective energy efficiency programs were extended to give homeowners tax credits for installing energy efficient furnaces, windows and insulation to make their homes more efficient; offer tax deductions for builders to go the extra mile and build more energy efficient new homes; provide tax deductions for businesses that make energy efficient improvements to commercial buildings; and give tax credits to appliance manufacturers that help lower their production costs for making higher energy saving appliances.

 

“If Congress fails to provide this kind of stimulus, we not only lose billions of dollars in investment and new jobs, we risk being able to solve many of our nation’s energy challenges.” Cantwell continued. “These incentives will help businesses infuse money back into our economy right now, and will help American consumers buy energy-saving appliances and make energy-saving home improvements.”

  

 

“The U.S. wind energy industry applauds Senator Maria Cantwell’s leadership and that of Senator Charles Grassley in strongly advocating an extension of the expiring tax credits for renewable electricity technologies like wind and solar power,” said Randall Swisher, Executive Director, American Wind Energy Association.  “This extension would immediately protect tens of thousands of U.S. manufacturing and construction jobs and create tens of thousands more, and keep investment flowing into one of the fastest-growing and brightest sectors of our economy:  renewable electricity.”

 

“Senator Cantwell demonstrated exceptional leadership by garnering support to extend solar tax credits in the economic stimulus package,” said Rhone Resch, president of the Solar Energy Industries Association. “She has made a significant step towards America’s carbon-free renewable energy future and has kept a growth sector on track that will create tens of thousands of jobs. It’s one thing to pass out checks. In addition most citizens would like to have a job, too.”

 

Extension of the credits will promote the creation of new “green-collar” jobs, lessen the country’s over-reliance on fossil fuels, and reduce the price of energy for American consumers.  Failure to extend these crucial incentives could bring a halt promising business investment in 2008 and miss an opportunity to address high energy costs, a critical contributor to sinking consumer confidence and our nation’s long-term economic challenges.

 

Cantwell, a member of the Senate Finance and Energy Committees, has long-championed clean energy tax incentives to promote investment in innovative new technologies that move our country away from it’s overdependence on fossil fuels and help boost our economy and create high-wage “green collar” jobs. 

 

The full Senate is expected to begin consideration of the economic stimulus package later tonight.

 

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