Wind tax credits in bailout bill: Vote Yes!
Regardless of how you feel about the bailout/rescue bill, you may want to urge your representative to vote YES on the bill since it includes the Wind/Solar energy tax credits. It's unlikely this tax credit will occur again this term, and it is due to expire next year. Historically, Wind turbines do not get built without the tax credit - meaning this part of the Pickens' Plan will NOT happen without this bill. Go to awea.org - the American Wind Association site - to contact your representative to vote yes on the bill.
Tags: Wind, bailout, bill, credit, solar, tax
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Replies to This Discussion
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Permalink Reply by James Storey on -
Scott,
I will have to respectfully disagree!
I am NOT willing to vote yes on 700B bailout/repackaged as a rescue plan that was put together in a hurry under pressure and then adorned with a whole bunch of incentives/earmarks buy the Senate. I think these credits will either be continued or reborn in the next administration as energy policy is now in the spotlight.
Don't give in just because they put in a nice little incentive for you...that's what's wrong with the whole government.
Just to clarify...I am heavily invested in the stockmarket and will continue to be...but one thing I refuse, is to be bought or bribed into anything.
I will be calling my Rep to say vote NO and I encourage others to do the same..don't let Washington buy your vote too!
btw: if the deal was so good on the bailout why does it need sweeteners?
James
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Permalink Reply by Misty Jo Anderson on -
Why should we bail them out. They won't learn a lesson. It is also the Government's fault that we are in this mess. Why should they use tax payers money, that should go into retirement (social security)? Let them go bankrupt. If you listen to all the top financial experts, they are saying that this is the worst thing that we could do for our economy. They are just dangling candy in front of them, so that the vote will pass. They are just thinking about Wall Street and not Main Street (like they should be doing). This is not going to help our economy. The pain at the pump is killing us. Everthing has gone up because of the oil. We need to stop investing and buying foreign oil. And no the answer ins not to drill, drill, drill. We need to invest in solar, wind, Cng, etc. I cannot get behind Nuclear Power. I just don't think that there is a safe way to dispose of the waste. Also, when thay were asked about the 700 figure, their response was that is was a guess. I am not crazy about Glenn Beck, but I have been listening to him and the people on his show. He has really good points about not supporting the Bailout. If the Bailout was so good, why did it fail in the House and have to be revised.?? Also, if the Bailout was so good, why are there so many earmarks and riders added to it??
I have written my congressmen to vote "NO" to the bailout!!!
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Permalink Reply by Scott Baker on -
I was afraid people would say NO to the plan even if it included Wind and Solar credits. Keep in mind that the bailout or Rescue package invests our money in distressed assets; we may very well make money selling them a few years out when (if?) things stabilize. As you can see from the market movement, the market is expecting something here. You will not be able to get a home, car or other loan if the credit system freezes up. Your money will be covered by the FDIC if your bank fails, but the aggragate cost of rescuing all those banks may meet or exeec the cost of the bailout.
As for Wind and Solar, the fact is, with oil prices down, they are not competitive without the tax credits. Everyone knows this and you can go on the AWEA site to see a chart and the precipitous dropoff of wind buildouts whenever the tax credits are suspended. It's night and day. We probably won't get this in the current year, or at all unless Obama gets in. McCain is an enemy of all things subsidized - except for oil and coal, and maybe nuclear. Plus, without the rescue bill, we will be at DOW <9000, and the government won't be thinking of how to revive the alternate energy industry; they'll be thinking about how people can afford to drive again, even with gas under $3/gallon.
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Permalink Reply by James Storey on
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Well Hmmm...The Markets are closed and the bill passed. Lets see... ALL markets fell off a cliff and went negative and the bailout just put us an additional 810 billion in debt not to mention the 5.5 trillion+ already lost in the markets or what has been spent for Lehman, Aig, Fannie,Freddie. I agree with you Scott we might make money if done properly over time, but who is maintianing these distressed/foreclosed properties? What if the governments of the world lose faith in the US and start to call their loans to us just as our banks did to one another, That would mean no more credit to the US! So I'm wondering if we have the time to hold these "toxic assets" as we are just digging deeper and deeper.
As for people not being able to get a home/car loan, those with a good/excellent credit history will not have a problem. Those with bad/no credit have to work at getting a better credit score just like we all did long ago.
This I want it now,I need it now I'll put it on credit and have it now mentallity has to go, it's not sustainable. Work for it save for it earn it, entitlement doesn't fly it falls!
We need to learn to live below our means and save for our future as a nation and stop trying to keep up with the Jones's, because the Jones's are so over leveraged in their finances that they can't maintain anything even close to their lifestyle for long.
If these technologies aren't competitive without tax credits then we need more producers and a greater need/calling for these technologies, which is why we are all here in the first place. So let this be a calling to all lets get this plan worked out in all the details and get it moving, cause waiting for the government to fix anything is just asking for serious trouble at the moment and basically throughout history...Let free market reign...which if you really think about it, the free market is you, me, all of us! "We the People"!
As for not getting this chance again depending on the president who gets elected, last I checked he works for us all "We the People" and the same goes for congress. I called my rep today and there was no automated answering machine, no press 1 for english or any of that junk, I didn't even have to be put on hold or wait for the next available service rep (they didn't seem very busy). I talked to the secretary for about 15 minutes about all issues and said vote NO. If we would stop being indifferent to what's going on and all come together and get involved with our future and our childrens future we can accomplish anything, all we have to do is get in the right frame of mind.
As for the DOW being at less than 9000 we are getting closer and closer (what about when the short sellers are allowed back in?). I hope I am wrong in this but I believe this was a very dark day in our history that will be with us for a long time.
Scott, as I don't know you please don't take this as a personal attack, I'm just stating what I'm seeing/foreseeing going on around me.
Respectfully,
James
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Permalink Reply by Scott Baker on
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Ha ha, very funny.
OK, I'm hardly one to advocate the bailout plan, but since it passed, as of this writing, let's hope it at least helps our wind and solar energy industries. Judging by the 9.64% jump in my Vestas stock on an otherwise horrible down day, I'd say the market has made its judgement as to the efficacy of the tax incentives. Let's not forget that the Oil and Coal industries are currently getting a free pass as to polluting the air with CO2, and the Oil industry even gets its overseas oil fields defended by our fine men and women in uniform, for free. So, if you included some of that in the total equation, the balance would tip - heavilly - in favor of wind and solar energy. As president, the next leader should keep all of the factors in mind, not just short-term, narrow, profits. I'm generally in favor of a single tax system, like the economist Henry George, that doesn't tax capital or labor (which we want more of), and taxes instead, use of natural resources heavilly (which we want to use more efficiently, or not at all) and which we can't make more of (we can't make oil or wind, but the latter doesn't pollute our atmosphere, which should also be taxed in a carbon tax).
As for solving the credit crisis, see the plan below, which I've had for a couple of months now; we may get there yet since the bailout won't be enough at this point. I did send it to President Bush, Henry Paulson and every member of the Senate Banking commitee. Guess they were too busy to write. Ha. Meanwhile, I am staying short the finanicials, the DOW, the consumer and industrial sectors and technology.
===== The "Baker Plan' won't cost taxpayers a dime ====
The president will have to assume FDR-like powers to solve the derivative collapse.
He should declare all derivatives placed outside of legally regulated markets (90% of them) null and void. These "bets" - worth $180 trillion according the U.S. Office of the Comptroller of the Currency in America alone, and up to $450 trillion worldwide - could not have been made in regulated markets, because the players had insufficient collateral.
If the parties object to the elimination of their derivative bets, they should be reminded of the penalty for fraud; it is inconceivable they did not know they were establishing positions far beyond their ability to repay.
For every buyer there is a seller, so the amounts lost would zero out and no party would gain an advantage. We would just get to reset the clock. This is as fair as things can be made, given where we are.
What is causing the panic in the markets right now is the realization that the losers have insufficient money to pay the winners. The domino effect of multiple collapses cannot be stemmed by any government, even by running the printing press overtime. The only solution is to wipe the underlying derivatives off the books and ensure these bets are never made again by creating laws to send those who make them in the future to jail.
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Permalink Reply by dave murray on -
fdr had nothing to do w/ the new deal. a socialist adviser drew it up.
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Permalink Reply by Scott Baker on
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Here is what the American Wind Energy Association had to say about the renewable energy tax credits buried in the bailout/rescue plan.
“We salute Members of Congress in both parties who fought under difficult conditions to keep the renewable energy production tax credit and small turbine investment tax credit on the agenda until the very end, and then pushed them across the finish line. These tax credits are essential to the continued growth of wind energy, to the economic and energy security of the United States, and to a successful beginning in the fight against global warming. We look forward to working next year with a new Congress and Administration to fashion a serious long-term clean energy policy that increases domestic energy, increases our reliance on clean renewable energy, and creates jobs for Americans.”
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Permalink Reply by Jim Eastburn on -
Some of the details in the bailout bill as it relates to Wind and Solar:
An 8-year extension of the residential and business ITC for solar, small-wind and geothermal systems
An elimination of the US $2,000 cap on the residential ITC (30% of the cost on solar electric)
Elimination of the prohibition on utilities from obtaining the ITC
Authorization of US $800 million for clean energy bonds for renewable energy generating facilities
A 1-year extension of the PTC for wind and geothermal facilities
Creates an ITC for marine energy technologies (tidal, wave, current, ocean thermal)
http://www.renewableenergyworld.com/rea/news/story?id=5...
$800 million in bonds?? With Pickens spending $10 billion on his wind farm by himself, doesn't seem very much.
Can anyone explain why utility companies were not eligible for the ITC until the passage of this bill?
Why did the PTC only get one year extension while the others got 8 years. The 8 yr extension is significant, as in prior legislation the extension was usually limited to 2 yrs. With the planning and permiting process involved in building wind farms and manufacturing of the components for the windmills themselves, I always thought that the short period of authorization was a way to limit the growth of wind programs.
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Permalink Reply by dave murray on
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you seem to buy into the very thing that is bring this country down. what you don't understand is that when they stick in this pork it's 11th hour crap and not very well throught through.i would much rather wait which will now be 3 months[vacation] to achieve a bill that is extensive. the energy bill they out on the floor last month didn't have the word coal in it. they throw this crap together because people are screaming and one party uses the urgency to get what they want. it's like swapping baseball cards when you were a kid.[except the kid would think it out] if you really want a certain card you might have to throw in a little extra. what you should vote for is dfferent people to vote for you.
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Permalink Reply by Scott Baker on
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Coal increases greenhous gases (more than NG does by far), and destroys mountains and the comunties around them. We need another, green, way. With unemployment likely to spike to 7% by the time the next president takes office, he'll have a lot of work to do. Hopefully, it'll be Obama, and he'll engage in public works projects, including building up the infrastructure to carry electricity wind/solar power.
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Permalink Reply by Jim Eastburn on
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Dave, the extension of the ITC for alternative energy projects has been going back and forth from the House and Senate virtually all year. The Senate would pass their version and then the House would insist that the provisions in the bill be paid for - typically by rescinding current tax benefits to the oil and gas industry. The Senate would reject the House version and they would start over.
The ITC for wind and solar was to expire in December - something needed to be passed.
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Permalink Reply by DOROTHY HEALY on -
Mandate in LOCAL ZONING ORDINACES that alternative energy must be included in all new construction..
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