| GE Says Renewable Tax Credits Pay for Themselves |
| Written by Hank Green | ||
| Thursday, 19 June 2008 | ||
|
But now a huge number of renewable energy projects are on hold, because no one knows whether these tax credits are going to be extended. Bills containing the ITC have gone through the House and Senate almost a dozen times in the last few years and every time it's been denied. SunPower has said that it might leave the American market completely if the ITC is not renewed. Almost everyone supports the ITC, of course, but no one can figure out how, in our ailing economy, to pay for it. Democrats tried to take subsidies away from oil and gas companies, but the Bush administration threatened to veto any such legislation. And so we're at a standstill, with gigawatts of new power generation just waiting on the news. General Electric has entered the game, with their political savvy, and has decided that the ITC, in fact, pays for itself. It's no surprise that GE wants this passed. They're the US's largest producer of wind turbines, and they've got some exciting solar technology as well. They say that the taxable revenues generated by these projects, once they go online, more than offset the ITC. And since, without the ITC, they won't be built, they are in fact revenue positive for the treasury. A financial stickler might note that the revenues would be generated by coal power plants that would be built (without subsidies) in place of the renewable plants. And that would be significantly more revenue positive than renewable energy. But, really, is that the road we want to stay on? Hopefully, GE's foray into this mess will mark a change in the wind, and we won't have to deal with a lapse in the only big steps the U.S. government has yet made to promote renewable energy. Via CleanTech Media
Comments
(8)
Interesting Take
written by The Food Monster , June 19, 2008
Incentives towards green energy
written by Green Gadgets , June 20, 2008
Until we have inititives where it becomes finantially attractive to produce green energy, we're not going to leave fossil fuels alone. The soaring fuel prices could be eliminated if a greater proportion of our fuel dependency was on cheap non-fossil fuel energy.
...
written by Craig , June 20, 2008
Ummm, I'm confused. Why in the world in the days of record profits is there even the possibility of subsudies for oil and gas company. Am I missing something or is that something similar to the rich get richer? But I do think GE has the right idea. Government policy will only change if big business get's involved to make that change. And the forward thinking companies that invest in solar, wind, wave energy will find themselves on the forefront of growth. Assuming we can find a group of leaders that have the long term vision.
...
written by me , June 20, 2008
Just take all of the ITC's away from everyone and make it an even playing field. More than likely, the most cost effective method of producing power will win.
Make a difference
written by Salamndstron , June 20, 2008
First off let me tell you right off the back that I am an online advertiser. I work for Yovia which is a social network. Today we are supposed to find blogs that we like and convince them to join our network. It is a completely free service and will drive traffic to your blog. Now why am I commenting your blog? Well I am hoping that if I get enough recycle blogs to join then maybe Yovia's social network will drive enough traffic that these recycle blogs actually make a difference in the world. So thats my piece, I hope you go and join the Yovia network. I apologize that this is off topic but I genuinely want these positive blogs to be part of the network so that they can make some changes in the world. You can email me with any questions at
This email address is being protected from spam bots, you need Javascript enabled to view it
or you can sign up here http://yovia.com/join-the-network
Hmmm
written by John thomas , June 20, 2008
Great, now if someone could just invent a kid that pays for themselves we'd be in good shape! Freakin kid is eating me out of house and home, like a termite!
JT http://www.FireMe.to/udi
tax credits
written by anon , June 21, 2008
I only wish the money subsidizing big oil could go towards this but sadly we found out in India that if you cut subsidies, gas prices go up 40% and I'm not ready for that. Essentially we are being blackmailed into subsidizing them so we can't afford to subsidize their replacement.
...
written by Juggernaut , June 21, 2008
Re: Me's comment
Taking away the money of the ITC won't create the "level playing field" you suggest. In order to best benefit the consumer - and the energy producers - over the long run, there needs to a clear, long-term plan of subsidies and supports for alternative fuel sources. Currently, the infrastructure (including vehicle factories and the like) supports the production of oil. If there's no incentive for change, then companies will avoid making that change...and as oil runs out, the price increases will drive all related businesses (directly, shipping; indirectly, everyone who ships goods to market)under. A solid plan that promotes the alternative power infrastructure will stabilize the whole system, and give all sectors enough time to implement plans to cope with coming changes. | ||
| < Prev | Next > |
|---|
Science, technology gadgets and...baby seals. We're in a bit of an eco-mess, but we've got the brains to lick any problem. And that's why EcoGeek.org publishes up to ten stories daily about innovations that are saving the planet.
And if that sounds interesting to you, then congratulations, you're an EcoGeek.
For the last two years, the renewable energy sector has been fighting to renew the "
Subscribe to this comment's feed
An interesting take on ITC. Regardless of whether it will be paid for via the use of the renewable energy, we have to find some way to pay for it. Can't we just take some of the war funding away?