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Investments for Renewable Energy, Not Loopholes for Big Oil

By Joe Romm on February 25, 2008 at 4:07 pm

"Investments for Renewable Energy, Not Loopholes for Big Oil"

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The Center for American Progress has a good article on the clean energy investment bill that will voted on soon by Congress. Bush and the conservatives have thwarted this effort repeatedly, but it remains an important piece of legislation, especially because:

The new bill includes a production tax credit for wind, geothermal, and other renewables. It allots $250 million more than the previous bill and extends the credit for an additional year to 2011. The bill also renews the investment tax credit for individual home owners and businesses to maintain incentives for solar energy through the end of 2016. Extending these two provisions is essential to the completion of 42,000 megawatts of planned renewable energy projects that are currently in development in 45 states. Without prompt extensions of the tax credits, renewable energy project work stoppages could cost 116,000 jobs.

This is really a no-brainer for those interested in either the environment or economic stimulus.

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