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Renewable Energy News
Obama's Renewable Energy Mission

When given lemons, make lemonade - so the old saying goes. The current global
economic meltdown is causing a great deal of pain, but it's also providing an
opportunity not seen since World War II.
There's now the space to make
fundamental changes to financial systems to prevent such a reoccurrence and
beyond that, to addressing issues such as climate change and energy; allowing the
USA's President-elect Barack Obama to put his green credentials to work.
Obama is in the final stages of tweaking his economic stimulus plan which could
contain a great deal of good news for not only the American but also the global
renewable energy sector; by increasing the availability of finance and providing
additional incentives.
The Washington Post has reported
the Obama camp is seriously considering including as much as USD$25 billion in energy tax credits.
The package under consideration includes a two-year, USD$8.6 billion extension
of production tax credits for renewable
energy, which could particularly benefit wind
power projects. Also on the table is a proposal from the wind and
solar industry allowing those credits to be refundable or to offset outstanding
tax liability.This would benefit many financial firms that have provided capital for
renewable energy projects in the past but currently aren't showing any taxable
income and therefore can't use the credits.
The stimulus package may also include a National Clean Energy Lending Authority to extend low-interest
loans or loan guarantees to renewable energy projects. The goal of the lending
authority will be to mobilise private capital.
According to economist Peter
Dawson, while Obama realises oil will continue to be the primary
energy source for the foreseeable future, he believes that sources such as
renewable energy need to displace oil in the U.S. for economic, national
security, and environmental reason as soon as possible.
Other news for Tuesday 13 January, 2009
View all news for Tuesday 13 January, 2009 on one page
Return to main renewable energy news section
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