McNerney Champions Landmark Renewable Energy Bill

Press Release

Today, Congressman Jerry McNerney (CA-11) backed landmark legislation that will make significant new investments in renewable energy sources, create hundreds of thousands of new green jobs, help end our dependence on foreign oil and cut taxpayer funded subsidies to oil companies. The Renewable Energy and Energy Conservation Tax Act of 2008 passed the House by a vote of 236-182.

"As someone who has spent more than 20 years researching the benefits of clean energy sources, I know firsthand how critical production and investment tax credits have been in spurring renewable energy use and production. These tax credits helped turn a once fledgling portion of the energy sector into a major player," said Rep. McNerney. "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."

As the only Member of Congress with direct experience in the renewable energy industry, Rep. McNerney spent weeks working with other legislators in pushing to include the extension of production and investment tax credits in the bill.

Of Rep. McNerney's involvement in advocating for investment and production tax credits, Majority Leader Steny Hoyer said, "With Jerry's many years of experience in new energy technology, since coming to Congress he has been a leader in promoting the use and production of clean, renewable sources of energy. In particular, he was instrumental in pushing for the extension of the production and investment tax credits to ensure the continued growth of wind and solar energy and ensuring that homeowners are encouraged to use these technologies."

The Renewable Energy and Energy Conservation Tax Act makes new investments that will help reduce our dependence on foreign oil, increase renewable electricity production, create jobs and protect our environment. The bill extends and expands tax incentives for renewable electricity, including the production tax credit for wind energy and the investment tax credit for solar energy, as well as for plug-in hybrid cars, and energy efficient homes, buildings, and appliances.

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. Other, independent assessments, estimate the creation of at least 400,000 cleantech jobs in wind, solar, geothermal and other types of new energy technology over the next three years.

"We haven't yet begun to realize the potential for job creation in the renewable industry," according to Rep. McNerney. "Simply put, we need to be doing much more to expand the use of clean energy, and one of the best ways to accomplish this goal is to extend investment and production tax credits."

The legislation approved today repeals $18 billion in unnecessary tax subsidies for big, multinational oil and gas companies. The vote comes shortly after the big five oil companies recently reported record profits for 2007. The bill channels unnecessary funding that is going to the oil companies back to the renewable industry, where it's greatly needed.

Rep. McNerney received plaudits from wind and solar producers for his efforts.

"Jerry McNerney has been a tireless supporter of federal policies that have created tens of thousands of "green collar' jobs in the wind and solar industries," said Dr. James A. Walker, president-elect of the American Wind Energy Association and Vice-Chairman of the Board of enXco, Inc. EnXco has several facilities throughout the state of California, including a development office in San Ramon and an operation and maintenance headquarters in Tracy.

Walker continued, "Congressman McNerney's leadership and first hand understanding of the needs of these fast growing businesses has been critical to the growth of the companies like enXco, a leading renewable energy development company, as well as the wind and solar industries as a whole. Wind and solar are among the very few sectors of our economy where manufacturing jobs are returning to US shores, but reliable federal support from representatives like Jerry McNerney are essential to their continued growth."

Barry Cinnamon, CEO of Akeena Solar, with operations throughout Northern California, including an office in Manteca, said "We are very fortunate to have Congressman McNerney in the House, representing all of us who understand both the need and potential for renewable energy. The Congressman's professional background in clean energy makes him an ideal representative to lead the U.S. in the right direction - toward programs that ensure a bright future for renewable power."

Source