10.27.08

Cantwell: Clean Energy Industries Can Be Key to Future Growth in Uncertain Economic Times

SEATTLE, WA – On Monday in Seattle, U.S. Senator Maria Cantwell (D-WA) delivered a keynote address at the American Council of Renewable Energy (ACORE) Finance Forum – West stressing the growth opportunity clean energy goods and services could play in Washington state’s economy.  Speaking to several hundred clean energy industry executives, professionals, and financiers, Cantwell provided an overview of the game-changing $17 billion clean energy tax package recently passed by Congress, discussed the importance of modernizing and revitalizing our nation’s transmission grid, and renewed her commitment to find innovative new ways to help finance clean energy projects.  Cantwell also echoed remarks she made last week when she called for the elimination of tariffs worldwide on clean energy and environmental goods and services. 

 

“During this economic slowdown, clean energy industries can be a key way to stimulate the economy and create new, green jobs right here in Washington and across the country,” said Cantwell. “Congress recently passed a game-changing clean energy tax incentives package.  But with the financial markets irrevocably changed, now is the time for innovative thinking.  Investment in these industries cannot wait for Wall Street to get their house in order.  We need to find more permanent solutions to help ensure clean energy projects get funded, because clean energy is a key rung in the ladder that will get us out of this economic hole.”

 

Last month, Cantwell spearheaded the bipartisan negotiations that ended a nearly year and a half Congressional stalemate and allowed a historic $17 billion clean energy tax package to pass the Senate by a vote of 93 to 2.  The measure was subsequently included in the financial rescue legislation and was enacted into law.  Besides extending existing tax incentives for the production of energy from wind, geothermal, biomass and other renewable resources, as well as incentives for more efficient buildings and homes, the landmark package includes a number of new provisions including: an eight year commercial solar and fuel cell investment tax credit; new credits for ocean and non-dam hydro energy projects; tax credits for homeowners who install solar, small wind or geothermal heat pumps; a tax credit up to $7500 for new car buyers who purchase a plug-in electric vehicle, based on legislation authored by Cantwell; and a new $300 credit toward the purchase of high- efficiency wood stoves, 60 percent of which are manufactured in Washington state.  The bill also creates an incentive to install new smart meters which empower homeowners to take control of their energy use.

 

Cantwell has made making our nation's energy system cleaner, more efficient, and more diverse one of her top priorities.  She leverages her membership on the U.S. Senate Energy and Natural Resources, Commerce, and Finance Committees to push her vision of a clean energy economy and to support budding clean energy industries, while bringing tax relief to the American people and opening new markets to American goods and services.

 

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