Rep. Courtney Hails Passage of Energy Tax Incentives as Big Step in Fostering Growth and Use of Alternative Fuels

Press Release

Congressman Joe Courtney today cheered the passage of H.R. 5351, the Renewable Energy and Energy Conservation Tax Act, as a big step in providing the tax incentives necessary to wean our nation from fossil fuels. The bill passed with a final vote of 236-182.

"Advancing tax incentives and credits for alternative energy is the only way that our nation will reduce its dependence on foreign sources of fossil fuel and help Connecticut's families to reduce energy costs in their homes," stated Rep. Courtney. "This legislation puts the priorities of the American public and the environment before those of the oil and gas industry that has done little to help rein in the cost of fuel, or combat global warming."

The Renewable Energy and Energy Conservation Tax Act will help to create hundreds of thousands of new jobs, decrease our dependence on oil, and improve our environment. The bill extends and expands tax credits for alternative energy, including renewable electricity, plug-in hybrid cars, and greater efficiency in homes, buildings, and appliances. Some estimates show that the solar energy tax credit along 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 average cost of gasoline in Connecticut is $2.89 per gallon and the multinational oil and gas companies have continued to reap record profits. This legislation repeals nearly $18 billion in unnecessary tax breaks to the oil industry and reinvests that revenue to alternative energy incentives. The vote comes shortly after the big five oil companies recently reported record profits for 2007, with ExxonMobil earning $40.6 billion - the largest corporate profit in American history.

"Connecticut's drivers and homeowners have felt the burden of gas and oil prices as it is hitting their pockets very hard. I am committed to ending our reliance on fossil fuel and building a bridge to a sustainable energy future," added Courtney.

Congressman Courtney helped to create the Green School Caucus in Congress to make our school buildings more energy efficient. Eastern Connecticut State University performed a study of the energy efficiency in Connecticut's schools. It reported that if Connecticut's schools were updated to simply average efficiency, it would save taxpayers $46 million, according to 2006 figures when oil was $60 per barrel.

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