Extending Tax Credits This Year Called Vital By Over 100 Renewable Energy Companies And Organizations

Over 100 organizations and companies representing every aspect of renewable energy signed a letter sent today to the White House and the Congressional leadership urging fast action on the extension of federal tax incentives.  The text of the letter and list of signatories follows: 

“We are writing to urge Congress to complete legislative action this year on proposals to extend renewable energy tax incentives, particularly the production tax credit for renewable power plants, Clean Renewable Energy Bonds, and the investment tax credits for commercial and residential solar and fuel cell technologies. These tax incentives are vital to ensure continued, dynamic growth in the production of electricity using renewable energy resources.”

“As companies and organizations involved in America's renewable energy sector, we believe that extension of existing section 45 energy tax incentives, the Clean Renewable Energy Bond (CREBs) program, and the commercial and residential solar and fuel cell investment credits are vital to our effort to transform the United States into a world leader in renewable and clean energy technologies such as geothermal, solar, biomass, fuel cells, hydropower, wind, landfill gas and municipal solid waste.”

“The Energy Policy Act of 2005 expanded the Production Tax Credit to a broader range of renewable technologies and established the CREBs program and the solar and fuel cell investment tax credits. This has spurred development of thousands of megawatts of new renewable power projects across the country, but the significant market acceleration created by these tax incentives is about to stall if Congress does not act to extend these programs. Companies across the country are facing imminent decisions about whether to move forward with new renewable energy projects, and if these credits are not extended many will be downsized or put on hold.”

“While various useful enhancements of these credits have been proposed by many of us, we would emphasize that there is no single action as important to all of us as the prompt approval of legislation to extend renewable energy tax incentives that promote new investment in these industries.”