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Smith: Energy Bill Encourages Investment in Solar Power

Location: Washington, DC

Smith: Energy Bill Encourages Investment in Solar Power
July 28, 2005

Washington, DC - Congressman Lamar Smith (R-TX) praised the Energy Policy Act of 2005 today and stated the legislation will help the nation reduce its dependence on foreign oil. The bill passed the House of Representatives on Thursday by 275 to 156.

Smith said the bill contains a number of provisions aimed to encourage the development of renewable sources of energy like hydroelectricity, landfill gas, ocean power, and biomass, as well as a provision he cosponsored that encourages Americans to invest in solar power.

"Solar energy is a long-term, environmentally-friendly alternative to the world's limited energy sources. Not only does it reduce our dependence on foreign oil, but it also reduces our reliance on other nonrenewable energy sources, like coal, which pollutes the environment. Solar energy is clean, renewable, and reliable," said Smith.

"For those who invest in solar energy, the bill provides a tax credit equaling 30 percent of the value of the expenditure of the system for the given year. It also includes the same 30 percent credit for those who invest in solar water heaters for their homes. This will help offset the costs of solar energy collecting and power generating devices," added Smith.

"The development of solar and other renewable energy sources is an investment in our future. It will save our natural resources, decrease pollution, and improve national security," Smith concluded.

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