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Obama promised to renew Renewable Energy Tax Credits

If the Renewable Energy Production Tax Credit is renewed, the renewable energy investments in the U.S. will continue to grow – and promote green jobs growth as well.

Green Jobs: Obama to Renew Renewable Energy Tax Credits  Green Buildings. com Advice provided by: Claire Moloney, LEED Green Associate, Cornell University 24 Feb 12,  As I reported in my most recent article, “Green Jobs: Renewable Energy Stocks, Investments“, renewable energy stocks showed rapid growth in early 2012. This growth followed a major renewable energy milestone – a total of $1 trillion in global clean energy investments to date in late 2012.

Renewable energy investments in the U.S. have been motivated in part by tax breaks. Specifically, commercial renewable energy projects have been stimulated by the Renewable Energy Production Tax Credit, which awards 2.2 cents per kilowatt hour for wind, geothermal and closed-loop biomass 1.1 cents per kilowatt hour for other renewable energy technologies. This generally lasts for 10 years (though it depends on the technology).

This tax credit is set to expire at the end of 2012 or end of 2013, depending on the technology. If this tax credit it not renewed, it would damper new commercial renewable energy projects in the U.S.

However, according to Energy Efficiency News, President Obama has promised to extend the Production Tax Credit. The Treasury Department is on board with this extension, stating:

“As we expand manufacturing in the US, the tax code should encourage doing so in way that is sustainable and that puts the US in the lead in manufacturing the clean energy technologies of the future.”

If the Renewable Energy Production Tax Credit is renewed, the renewable energy investments in the U.S. will continue to grow – and promote green jobs growth as well.

Where Are the Green Jobs?

Brookings Institution released a report this summer, “Sizing the Clean Economy: A National and Regional Green Jobs Assessment,” which sought to analyze the country’s recent progress and future goals for creating new green jobs. The report defined a “clean economy” as encompassing industries and businesses that produce goods or services with an environmental benefit…. http://www.green-buildings.com/content/782253-green-jobs-renewable-energy-stocks-investments-grow

February 25, 2012 - Posted by Christina Macpherson | general