SEN. SALAZAR APPLAUDS NREL'S LEADERSHIP ON RENEWABLE ENERGY, HIGHLIGHTS RENEWABLE ENERGY LEGISLATION
WASHINGTON, Feb. 27 -- The office of Sen. Ken Salazar, D-Colo., issued the following press release: Earlier today, Dr. Dan Arvizu, Director of the National Renewable Energy Laboratory (NREL) in Golden, testified before the Senate Finance Committee during a hearing on America's energy future. Sen. Ken Salazar, a member of this Committee, introduced Dr. Arvizu to the Committee and highlighted NREL's groundbreaking energy research.
Senator Salazar said, "In Colorado, we have a special attachment to NREL, which we think of as a Colorado treasure even though we know it belongs to the nation. I am grateful for the leadership Dan has brought to NREL. The work Dr. Arvizu and NREL are doing is going to bring renewable energy to prominence in the coming years." The Senator also thanked Dr. Arvizu for his leadership in establishing the Colorado Renewable Energy Collaboratory.
In addition, Senator Salazar used today's Finance Committee hearing to discuss his trio of bills to secure America's energy independence and to help make Colorado the renewable energy capitol of the world while lowering energy costs for farmers, ranchers and other rural home energy consumers.
"I have spoken countless times about my alarm at how our country's rising dependence on foreign oil is undermining our security at home and abroad," said Senator Salazar. "At the same time, I have championed a new ethic and goal of setting America free from its overdependence on foreign oil, including the development of alternative and renewable energy sources, and new technologies to utilize fossil fuels in a more efficient and environmentally-sound manner."
Among the many renewable energy incentives included in Senator Salazar's renewable energy package, one tax credit would allow energy consumers, including farmers and ranchers, to reduce their energy bills by generating electricity through smaller wind systems on their land, farms or ranches. Where "net metering" is available, any excess energy generated by their systems would be released on the energy grid for other consumers, thus making their electrical meters "roll backwards." Small renewable energy systems are often priced out-of-reach for many homeowners, farmers and ranchers, these tax credits would make them more affordable. Senator Salazar's three bills would:
* Create a five-year, wind energy investment tax credit for farmers, ranchers, rural homeowners and small businesses to help reduce the installation cost of small wind energy systems, up to 100 kilowatts. A typical 10 kilowatt system, enough to power a home for a year, can cost as much as $50,000, pricing these systems out of most consumers' budgets. Senator Salazar's proposed $1,500 per half-kilowatt credit would tie the credit to the actual performance of these wind systems, and would be the first federal wind tax credit aimed at such small producers in more than 20 years;
* Create tax-exempt renewable energy bonds to promote local and community-based wind farms and other renewable energy projects, up to 40 megawatts in size - enough to power between 900 and 1200 homes, small farms or small businesses each year. The credit would provide private wind farm developers access to additional investment capital, including local ownership, via private activity investment bonds. Currently, this tax-exempt status is only open to large utilities companies; and
* Extend through 2017 the fuel cell and solar power generating equipment tax credits created in the 2005 energy bill. Like his wind energy tax credit above, Senator Salazar's proposed extension would create a $1,500 per half-kilowatt credit tied to the performance of such technologies. The bipartisan effort with Sen. Gordon Smith (R-OR) has been praised by the Solar Energy Industries Association as charting a "pro-growth path toward developing clean, domestic solar energy." "The Senate Committee on Finance has a key role to play in providing incentives that are needed to build a new energy economy," Senator Salazar said. "It is imperative that this Congress be bold and push energy tax policies that will encourage and speed the development of our nation's renewable resources."
Long-term policies like Senator Salazar's tax credits and renewable energy bonds will ensure that these industries have dependable investment streams, in turn promoting growth and innovation, keystones of the long-term viability of renewable energy.
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