Opportunity Alert: Renewed Life for Renewable Energy Industry

Posted on | October 6, 2008 | No Comments

Much has been made of the “sweeteners” used to attract more GOP and Dem House votes to pass the Emergency Economic Stabilization Act of 2008 (EESA). I’ve read the full bill and I’d say the EESA is like having a little coffee with your sugar.

In addition to the gigantic, $700B dark chocolate ganache cake we’ve made for Wall Street’s welcome back party, we’ve also created a few choice treats for a few other party-goers.

Rather than regale you with tales of wooden arrows and rum, I’ve decided to focus on one of the few treats that may not cause us cavities–the Energy Improvement and Extension Act of 2008, a sweet bit of legislation tucked beneath the bottom layer of our $700B cake.

The Energy Improvement and Extension Act of 2008 (EIEA) extends existing renewable energy tax credits and incentives to producers of solar, wind and other renewable energy, and creates new credits and incentives for producers not previously covered, including those using waste coal, biomass and tidal energy.

EIEA also includes the following:

Extend tax credits for marine and hydrokinetic research, which involves energy created from waves and tides, as well as solar and fuel-cell research.
Allow energy credits to be counted against the alternative minimum tax.
Give steelmakers tax credits for purchase of renewable fuels.
Let utilities issue tax-free bonds to promote use of clear, renewable fuels.
Expand tax credits for investment in coal gasification programs.
Extend by four years a temporary increase in the coal excise tax to fund black-lung disability programs for miners.
Provide tax credits for carbon sequestration efforts.
Allow producers of cellulosic bio-fuels to seek accelerated tax depreciation.
Double the tax credit for production of bio-diesel and renewable diesel fuels.
Extend a tax credit of $2,500 to plug-in electric hybrid vehicles.
Allow fringe benefit reimbursement for qualified bicycle commuters.
Broaden the scope for issuance of conservation bonds.
Extend current deductions for energy efficient commercial buildings and homes.
Provide small tax credits for purchase of energy efficient dishwashers, washing machines and refrigerators.
Accelerate tax deductions for use of smart meters that help a consumer regulate energy use to reduce peak-hour consumption.
Reduce by 3 percent the tax deductions on income enjoyed by producers, refiners, transporters and distributors of oil and natural gas.
Eliminate the difference in tax treatment of foreign oil and natural gas production and foreign oil-related income.
Extend and increase by 3 cents a barrel the oil spill liability tax.

The upshot on this laundry list is simple: Incentives for increased investment and research in renewable energy means more green jobs retained or created. More incentives for bicycle commuters and the purchase of energy efficient cars, appliances, homes and commercial facilities mean potentially greater spending on these products, creating more business opportunities in the green industry (and, of course, more jobs). And all of it, hopefully, means our energy independence will arrive sooner rather than later.

Employers and entrepreneurs in the renewable energy industry are encouraged by the EIEA and are moving ahead with their plans to hire and expand. If you want in on the renewable energy industry, and the incentives, start developing your business plan today. Want to get to work at a renewable energy company, check out the jobs listed below.

Not sure what you want to do, but sure you want in? Explore the opportunities featured in Eve rybody Else’s Guide to Green & Socially Responsible Careers (Spring4th Publishing, 2008).