Good time to buy clean energy products just ahead
August 20, 2009 by Tom GuayPosted in: Latest News & Views, News, Technology
Good news ahead for those companies looking to cut energy use and reduce their carbon footprint.
There will soon be a flood of clean energy equipment on the market. Reason: The feds just approved a $2.3 billion tax credit program to push manufacturers of renewable energy equipment to get off their butts and put these products on the market.
The Departments of the Treasury and Energy have approved a federal stimulus program to offer 30% investment tax credits to companies that make components to produce clean energy from:
- solar panels
- wind turbines
- geothermal systems
- biodiesel engines
- fuel cells
- microturbines, and
- batteries.
The tax credits are also offered to those making smart-grid technology that will support transmission of renewable energy to end users.
The money can also be used to invest in emission control technology that can capture carbon dioxide and other greenhouse gas emissions and store them (sequestration).
Big plus for the job hunters out there: The investment in solar technology alone is supposed to create 110,000 new green jobs by the end of 2010, according to Rhone Resch, CEO of the Solar Energy Industries Association.
The funding approval’s expected to set off a scramble among clean energy and emission control companies because the funding is only available for two years. Plus, the feds are planning to hand out the money on a first come, first serve basis, provided of course a proposal meets detailed DOE requirements.
The details from the Department of Energy are here.
Tags: clean-energy, geothermal, renewable enegy, solar, Solar Energy Industries Assn., wind
GreenandMore.com
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August 21st, 2009 at 11:46 am
This sounds like a great idea. Let’s subsidize the continued failure of private industries based on the faulty claims that carbon dioxide is killing us. Even though this could benefit my company I still think it is a poor allocation of resources. All that $ should be given directly back to taxpaying citizens if you want to see real stimulus.
August 24th, 2009 at 9:04 am
Flel, you need to wake-up and smell the coffee. Even if one were to believe that the global warming claims are “faulty” (not likely given the scientific evidence), its good economic policy to support clean, RENEWABLE energy. Not only will it create decent paying jobs in this country (I’m sure there are plenty of laid-off autoworkers and engineers who’d love to work for a solar-panel or wind-turbine manufacturer) but it will reduce our dependence on foreign oil (most of which is bought from countries who are not our friends, and could cut-off our supply at anytime).
August 27th, 2009 at 12:44 pm
While I support wind and solar use to produce electricity for the home, the really effective way to cut our dependence on foreign oil, and cease sending our money to countries who hate us, is going to be a fuel other than oil based fuel for our vehicles. I recently read an article that states only two percent of our electricity is produced by oil or natural gas. The vast majority is produced by coal technology with lesser amounts produced by renewable energy sources. China recently presented an electric vehicle with small gas motor backup that can go up to 60 miles without recharging or using the gas engine. Most short trips people take are well under that, and would not require the use of any oil based fuel. Imagine never having to buy gas again.
This sort of technology, coupled with wind, solar, hydro or other renewable power source to recharge the battery, is exactly what is needed to get off the big oil addiction. Makes me wish someone would offer me a prototype to test locally.