President-elect Barack Obama and his financial team are reportedly considering increasing stimulus support for renewables in order to meet the goal he announced last week of doubling renewable energy production in three years.
A Washington Post article set the amount at $25 billion in tax credits for renewable energy production, plug-in hybrid vehicles and biofuels.
The increase is thought to be in response to input given by Congressional leaadrs who reviewed Obama's stimulus plan last week. The increased amount might also be in response to a joint request made last week by the solar and wind industries for greater tax incentives.
Congressional leaders said they want to have economic stimulus legislation together by mid-February. Cleantech initiatives being considered include:
- a two-year, $8.6 million extension of the production tax credit (PTC), which favors the wind industry
- refundable tax credits for the solar and wind industries
- tax credits for service stations that install pumps for high-ethanol content fuel
- $7,500 tax credit for hybrid vehicles
Also under consideration is an initiative promoted by Representatives Chris Van Hollen (D-Md.) and Zach Wamp (R-Tenn.) calling for a "green bank" with $10-$20 billion in funding for low interest loans to finance energy efficiency improvements to homes.
Read more about this proposed plan at the link below.