Energy Alternatives Help the Financial Crisis
Congress approved production and tax credits for the renewable energy businesses as part of its $700 billion bail-out package for the financial industry.
As part of the Emergency Economic Stabilization Act of 2008, Congress ensured that renewable energy would be rewarded for its steps toward a cleaner environment.
House Speaker Nancy Pelosi of California relayed that she is “pleased that the bill includes an extension of tax cuts for clean renewable energy that will create and save half a million good-paying paying jobs in America immediately.”
This part of the energy bill did not make the cut last year when it was denied in the Senate. Now, renewable energy jobs are becoming increasingly critical to a sagging economy as well as being fundamental in a society less reliant on fossil fuel.
Greg Wetstone, who is the senior director of governmental and public affairs at the American Wind Energy Association, released in a statement:
“We salute Members of Congress in both parties who fought under difficult conditions to keep the renewable energy production tax credit and small turbine investment tax credit on the agenda until the very end, and then pushed them across the finish line. These tax credits are essential to the continued growth of wind energy, to the economic and energy security of the United States, and to a successful beginning in the fight against global warming.”
The one year tax credit extension applies to other energy sources as well, such as geothermal; closed-loop biomass; hydropower; landfill gas and trash combustion facilities.
It’s good to know that during these difficult times, people who are making an environmental difference are also becoming key players in the economy as well.

Wind turbine and flag at the Maple Ridge Wind Farm in Lewis County, New York
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