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Berkley Says Yes to More Clean Energy Production

Press Release

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Date:
Location: Washington, DC

BERKLEY SAYS YES TO MORE CLEAN ENERGY PRODUCTION

Package Will Create New Jobs; Spur Development of Solar, Wind,
Geothermal Power

Calling the legislation good for Nevada, Congresswoman Shelley Berkley (D-NV) today voted for new investments in clean, renewable energy production and increased energy efficiency. Incentives included in The Renewable Energy and Energy Conservation Tax Act of 2008 will help promote the development and use of more solar and geothermal energy in the Silver State and nationwide. The legislation, which passed 236 - 182, provides federal incentives to clean energy producers by repealing billions in subsidies to oil and gas companies.

"Clean energy is the future of Nevada and extending these tax incentives will encourage greater development of solar, geothermal and other forms of green power. This legislation provides incentives for clean energy production and ends giveaways to big oil and gas producers at a time when these global giants are generating enormous profits," said Berkley. "This package is good for Nevada, good for businesses, good for the environment and a smart investment in our energy future."

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.

"Nevada is fast becoming a world leader in the use of solar energy and we have a tremendous opportunity to increase our use of geothermal power, both of which are eligible for incentives under this bill. More solar and geothermal power will mean more jobs and new sources of green energy to power our homes and businesses. Our bill also extends and expands tax incentives for renewable electricity, energy and fuel, as well as for plug-in hybrid cars, and energy efficient homes, buildings, and appliances. All of which will add up to energy savings and a cleaner environment," said Berkley.

To pay for the renewable energy incentives, the bill includes narrowly targeted provisions repealing unnecessary tax subsidies and loopholes only for the large integrated oil companies. The big five oil companies recently reported record profits in 2007. Exxon Mobil earned $40.6 billion -- the largest corporate profit in American history.

H.R. 5351: Green Jobs and American Energy Independence

* Provides $8 billion in long-term clean renewable energy tax incentives for electricity produced from renewable resources, including wind, solar, geothermal, biomass, hydropower, ocean tides, and landfill gas.

* Includes $2 billion in new clean renewable energy bonds for electric cooperatives and public power providers to finance facilities that generate electricity from these renewable resources. These provisions are critical to creating tens of thousands of jobs and planned renewable energy projects that could power electricity for up to 12 million homes [Source: America Council on Renewable Energy, 2/11/08].

* Helps working families reduce their fuel bills by providing between $4,000 and $6,000 in tax credits toward the purchase of fuel-efficient, plug-in hybrid vehicles.

* Helps state and local governments finance a variety of environmental conservation and efficiency programs by providing up to $3.6 billion in interest-free financing.

Provides tax incentives to help homeowners and businesses reduce their energy costs by investing in energy efficient property. The bill would encourage manufacturers to build affordable appliances that push the boundaries of efficiency and help finance more energy efficiency improvements to homes and commercial buildings.


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