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House Ways and Means Committee Chairman Sander Levin (D-Mich.) has launched a series of hearings in view of making more permanent key renewable energy subsidies and tax incentives implemented as part of the stimulus law.<\/p>\n
The hearings come as Senators John Kerry (D-Mass.) Joe Lieberman (I-Conn.) and Lindsey Graham (R – S.C.) plan to unveil their version of a climate change and energy law on April 26th, a little less than a year after the House passed their own version the bill.<\/p>\n
<\/span><\/p>\n The Kerry – Lieberman – Graham proposal<\/a>, which is expected to include some form of carbon pricing, should bring more long-term certainty to a sector that so far continues to rely on temporary measures renewed every year or two.<\/p>\n There is a realization in Washington that to beat the Chinese<\/a> in the ongoing renewable energy race, the U.S. needs to a long-term clean energy law with, many say,\u00a0a cap-and-trade provision. Pricing carbon would only help cut CO2 and green house gases emissions, it would also unlock new revenues to support the renewable energy industry over the long-term.<\/p>\n Earlier this month, 19 governors (Democrats and Republicans) wrote President Obama urging\u00a0for an extension of the cleantech manufacturing tax credit<\/a>.\u00a0 “Expanding the 48C Advanced Manufacturing Tax Credit will support new waves of domestic production and innovative new jobs and careers,” the governors told Obama.<\/p>\n In launching the hearings<\/a> this week Chairman Levin said his committee would consider expanding the cleantech manufacturing tax credit and other incentives.<\/p>\n The renewable energy industry is pushing for Congress to extend the very popular 1603 direct cash grants<\/a>, co-administered by the Department of Energy and the Treasury Department. The incentives, launched last year in lieu of the investment tax credits, fund up to 30 percent of a wind or solar\u00a0project\u2019s development cost with a direct cash handout.<\/p>\n