The U.S. Senate has failed to extend a key investment tax credit for renewable energy, which endangers billions of dollars worth of solar and wind power projects and green collar jobs. This was the eight attempt to extend the credit beyond its January 1st, 2009 expiration date. It was blocked by Republicans (big surprise) due to the fear that it would raise taxes (amazing, truly). This is despite backing from renewable energy startups, tech giants, Fortune 500 companies, Wall Street banks and utilities like PG&E and Edison International. The utilities were pushing for an 8-year extension that would give solar projects enough time to get off the ground.
From Green Wombat:
Without the 30 percent tax credit, the viability of several large solar power plant projects remains in doubt. Spanish solar company Abengoa Solar has said it probably will pull out of plans to build a 280-megawatt power plant in Arizona if Congress doesn’t renew the tax credit. Green Wombat happened to have breakfast this morning with a PG&E executive who said that the large solar projects that California utilities are counting on to meet renewable energy mandates would have a hard time securing financing absent the investment tax credit.
First Solar (FSLR) CEO Michael Ahearn said on an earnings call Wednesday afternoon that if the investment tax credit is not extended the thin-film solar module maker would focus its efforts on the European market. “We don’t have massive volumes of solar planned for the U.S. in the short term,” said Ahearn.
WTF? This is disgusting. Republicans and their obsession with taxes. Nevermind that even if taxes were increased, it would be a huge boon to the American economy, giving us more jobs and helping the planet in the process. They don’t care about that – they only care about their wallets.
Did one or more of your state senators block the extension? Check out the list and if so, write them a letter expressing your anger at their selfish decision. You can find your senators’ contact information here.
Link [Green Wombat] + [United States Senate]
Photo credit: Wikimedia Commons + Wikimedia Commons
