Oiling the wheels of renewable energy

DEMOCRATS in the US House of Representatives are working on an energy package that would roll back billions of dollars worth of oil-drilling incentives and plough the money into new tax breaks for renewable energy sources.

The move would set off a feeding frenzy among advocates of hydropower, nuclear, biofuels, geothermal and solar power, renewable energy lobbyists said on Wednesday. Solar producers, for example, are looking to expand and extend tax credits for residential solar installations for eight years, which would cost $US400 million ($506 million).

"The Democrats are appropriately shifting money from the 20th century technologies to the 21st century industries," said the president of the Solar Energy Industries Association, Rhone Resch. "If we want to see solar, wind and biofuels, we have to make that investment today." Democratic leaders said the new House Speaker, Nancy Pelosi, would introduce the energy package on January 18, towards the end of a packed "first 100 hours" of legislative initiatives.

Sydney Morning Herald article linked to from Gippsland Friends of Future Generations article (it contains links to relevant sites).

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