We may soon witness an interesting clash between the two main forces driving development and acceptance of renewable energy sources. Business leaders and politicians are at odds over tax credits for alternate energy technologies due to expire in December--a collision that could derail important investment in renewables at a critical time. Historically, these tax credits have created necessary industry incentives for manufacturers to increase R&D in new technologies, as well as provide the economic incentive for builders and homeowners to install alternate energy systems on their homes--improving the return on investment to the point of viability. At the same time that we see mainstream energy companies, including oil suppliers and utility corporations, increasing their move into renewables like wind, solar, geothermal, and biofuel, it looks like Congress will block extension of investment tax incentives beyond year's end. This would effectively kill the contributions needed from these technologies as part of an overall energy strategy that could lead us into a less oil-dependent future. Tax credits for renewable energy technologies are an investment in our energy future, akin to subsidies paid for decades to oil developers for exploration and technological development. And especially now, when we face complex supply challenges and serious environmental realities, we should create and deliver a sustainable energy mix for our country. Entire Story |
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