Renewable Energy Bill Would Energize Market

The U.S. House of Representatives recently sent the Renewable Energy and Energy Conservation Tax Act of 2008 to the U.S. Senate for consideration. The measure passed the House by a vote of 236 to 182.

"With oil prices reaching another record high of $102 per barrel, the time for action on renewable energy and American energy independence is now. This bill is good for our environment, good for our economy and good for our national security," said Congresswoman Hilda L. Solis of California. "Ending our dependence on foreign oil and using renewable energy to help fight global warming will make our nation stronger. And at a time when our economy is struggling, these investments will help create hundreds of thousands of new jobs. "

The bill makes new investments that will help reduce dependence on foreign oil, increase renewable electricity production, and protect the environment. The bill extends and expands tax incentives for renewable electricity, energy, and fuel, as well as for plug-in hybrid cars, and energy efficient homes, buildings, and appliances. Additionally, the bill includes solar energy tax credits that could reduce carbon dioxide pollution by 240 million tons.

The new investments in wind, solar, geothermal, and fuel cell technology will also create hundreds of thousands of new jobs and help strengthen the American economy. The Geothermal Energy Association estimates that the geothermal provisions alone could create tens of thousands of new jobs and stimulate tens of billions of dollars of new investment in geothermal energy production.

The legislation would repeal $18 billion in unnecessary tax subsidies for big, multinational oil and gas companies.

Solis is a member of the House Committee on Energy and Commerce and the House Select Committee on Energy Independence and Global Warming.

Download Center

  • Waste Management in 2021: Accelerate Your Success with Technology

    Join waste management experts on February 23rd for a live best practice session webinar. You’ll learn how to take your waste program to the next level with visual location, barcoding, and mobility. Register now.

  • Green Quadrant EHS Software 2021

    Reserve your copy of the new report by independent analyst firm, Verdantix, to get a detailed, fact-based comparison of the 22 most prominent EHS software vendors in the industry.

  • Your Guide to Environmental Metrics that Drive Performance

    Translating sustainability into action starts with implementing the right metrics to assess your environmental risk and performance. Learn how to design metrics that improve your decision-making process and drive enterprise performance.

  • 5 Keys to Best-in-Class Chemical Management

    Running a safe chemical program is challenging and complex: from knowing what's on-site to proper handling and disposal - all while navigating regulatory changes. Learn the best ways to mitigate chemical risk, get the most value out of your data, and gain buy-in for a chemical management solution.

  • Unpacking ESG: 6 Questions You Were Too Afraid to Ask

    Environmental and Sustainability experts from Arcadis and Cority answer 6 of the most pressing questions EHS professionals have about getting started with Environmental, Social, and Governance (ESG) reporting.

  • Industry Safe