Carper, Heller Introduce Bipartisan Legislation to Bolster Investment in Renewable Energy Technology
WASHINGTON – Today, U.S. Senators Tom Carper (D-Del), top Democrat on the Environment and Public Works Committee, and Dean Heller (R-Nev.), chairman of the Senate Finance Subcommittee on Energy, Natural Resources and Infrastructure, introduced bipartisan legislation to encourage growth in the renewable energy sector – a key element of an all-of-the-above energy policy that would create hundreds of thousands of good-paying American jobs. The Technologies for Energy Jobs and Security Act of 2017 would temporarily extend clean energy investment tax credits that were unintentionally allowed to lapse after 2016.
“I’ve long said that if we want to encourage businesses to invest in growing our country’s clean energy sector, we have to make tax credits for those industries predictable and reliable,” said Senator Carper. “I am disappointed that credits for some of the most promising renewables technology were mistakenly eliminated, and that we still haven’t corrected this error despite support from both sides of the aisle. Senator Heller and I have joined together to introduce a bill that would do just that, and we hope our colleagues will support our effort.”
“If we want to continue to develop a robust and secure all-of-the-above energy policy, it’s critical that we level the playing field for renewable energies like geothermal,” said Senator Heller. “Our legislation will modify the tax code to do just that. As an outspoken champion for the renewable energy sector, I’ll continue to work to ensure that Nevada remains a national leader on solar, geothermal, and other innovative energy technologies.”
Energy companies around the country are developing and bringing to market new technologies that will make American power generation cleaner, more reliable and more secure. However, whether it’s expanding research or hiring more workers, these businesses need predictability in order to plan for the future. Many energy projects require years of development and design. This bill would provide the certainty they need to plan and advance their projects.
The Carper-Heller bill would reinstate a number of expired of tax credits that, due to a drafting error, were inadvertently excluded from December 2015 legislation that extended a number of other tax provisions. This Technologies for Energy Jobs and Security Act would retroactively extend, through 2021, investment tax credits for energy companies that develop and manufacture advanced energy technologies, as well as the accompanying credits for residential consumers to purchase and install these technologies.
Under this bipartisan bill, these credits would be available for advanced technologies including stationary fuel cells, geothermal power, combined heat and power facilities, and small wind turbines. The bill would also correct an older error in the tax code that unintentionally prohibits companies from claiming the investment credit for facilities that turn otherwise wasted heat into efficient power generation.
Ultimately, by giving businesses and consumers the certainty they need, the Carper-Heller bill will strengthen America’s energy security, help support job creation in a growing sector of the economy, and ensure our country becomes the global leader in global clean power generation.