In my last post I mentioned how important it would be for the renewable energy sector to see an extension of the federal investment tax credits (ITC) as a way to encourage development of solar power and fund continued development of the technology. Current federal legislation, which provides incentives to spur the growth of renewable energy, is set to expire at the end of the year. Experts have predicted that without long-term renewal of the legislation, the solar and wind power industries will struggle to maintain its momentum, with billions of dollars and thousands of jobs in losses.
Sadly, it did happen. According to Earth First, the Republicans blocked the extension of the credit for fear it would raise taxes. “This is despite backing from renewable energy startups, tech giants, Fortune 500 companies, Wall Street banks and utilities like PG&E and Edison International. The utilities were pushing for an 8-year extension that would give solar projects enough time to get off the ground”, continued the report, which also provides a link to a page where you can contact senators and express your disapproval of their irresponsible, self-interested move. Shame on them.
This is not good for me or the solar business I was helping to get off the ground. I sincerely hope that people will pay attention to this and not allow the oil-driven strangle-hold to continue any longer. You folks all have it in your power to make decisions this November that will affect our future.