Utterly Meaningless » Blog Archive » STUPID REPUBLICANS

    Filed at 5:10 pm under by dcobranchi

    Yes, I know it’s a oxymoron redundancy:

    With billions of dollars of solar and wind power projects and thousands of green-collar jobs hanging in the balance, the U.S. Senate on Wednesday again failed to extend a key investment tax credit for renewable energy.

    Republicans blocked the legislation from coming to the floor, marking the eighth attempt to extend the 30 percent tax credit beyond it’s Jan. 1, 2009, expiration date. The extension is backed by all the state governors save Georgia, and a coalition of Fortune 500 companies, Wall Street banks, renewable energy startups, and tech giants like Google (GOOG), Hewlett-Packard (HPQ) and Applied Materials (AMAT).

    Utilities like PG&E (PCG) and Edison International (EIX) as well as financiers such as Morgan Stanley (MS) and GE Energy Financial Services (GE), are pushing for an eight-year extension of the investment tax credit to give Big Solar projects enough time to get off the ground and start to achieve economies of scale.

    Senate Republicans opposed the legislation, contending it would raise taxes.

    Without the 30 percent tax credit, the viability of several large solar power plant projects remains in doubt. Spanish solar company Abengoa Solar has said it probably will pull out of plans to build a 280-megawatt power plant in Arizona if Congress doesn’t renew the tax credit.

    These are the kinds of technologies that need subsidies in order to get to the break-even point. Without the subsidies the technology isn’t yet competitive and the plants won’t be built. If it were just a choice between two equally good power generation capabilities I’d be opposed to subsidies. But we’re talking about reducing greenhouse gas emissions here. Subsidies are absolutely appropriate.

    4 Responses to “STUPID REPUBLICANS”

    Comment by
    Lisa Giebitz
    July 30th, 2008
    at 5:49 pm

    You mean a redundancy, right?

    Comment by
    July 31st, 2008
    at 9:43 am

    I thought a redundancy is when you get laid off in England?

    Comment by
    July 31st, 2008
    at 11:27 am

    Daryl supports tax breaks for big businesses! Hah-Haw!

    Comment by
    Daryl Cobranchi
    July 31st, 2008
    at 11:34 am

    And the GOP is anti-business!