RENEWABLOG

Some Thoughts as ITCs get Overshadowed

Some random thoughts heading into the most critical five weeks in the history of wind, biofuels and solar, and by extension, the green PPR sector.

-The Senate picked the wrong week to pass an ITC extentsion, as the federal government spends its time focusing on the financial crisis. Hopefully the financial bailout package will be finalized by Sunday and the House will not try to ramrod its own version of the ITC bill through. It will go a long way in determining what kind of mood companies are in at Solar Power International 2008.

-With news that national gas powerhouse Russia is getting cozy with ninth-largest oil producer Venezuela, the geopolitical climate is giving the US government yet another reason to embrace renewable energy.

-Last night in the Presidential debate you heard Obama waiver on how much of his energy plan he can push through with a huge financial bailout figuring into the budget for 2009 and beyond. This only heightens the importance of renewing the ITCs before the end of the year.

-I know that many see the energy bill as just that...energy policy. However, consider the economic impact that the ITC extension will have on growth of the renewable energy industry, helping create green collar jobs across the country. This includes engineering, IT and office jobs at the cleantech companies themselves, as well as jobs in solar and wind installation and plant construction, and factory workers at new US-based plants for the production of biofuels. Contractors, construction workers, electricians and other skilled workers will be put back to work after watching the new homes market dry up. Bottom line: The ITC extension is as much of a jobs bill as it is an energy bill.

So there are environmental, economic and geopolitical reasons to get something done before the end of the year. Let's hope it happens.

Posted by Jason Morris on September 27, 2008 at 7:24 PM
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