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WASHINGTON -- The House Ways and Means Committee is debating legislation that could cut power sector emissions to between 64% and 73% below 2005 levels by 2031. Under the Build Back Better Act, tax incentives for such clean technologies as wind and solar, energy efficiency, and electric vehicles would be updated and extended through the end of the decade. People who buy electric vehicles could get a fully refundable tax credit of up to $12,500 under the legislation, and buyers of used electric vehicles also stand to benefit from a new credit of up to $2,500.
Solar power has grown 52% annually since the Investment Tax Credit for solar was enacted in 2006. Wind energy has tripled since a large investment was made in the Production Tax Credit in 2009. Environment America Research & Policy Center found that the United States has nearly limitless renewable energy potential — enough to power the country many times over. The 2021 report recommended using tax incentives to accelerate the growth of renewable energy.
Matt Casale, U.S. PIRG environment campaigns director issued the following statement:
“Instead of subsidizing climate change, we must incentivize clean technologies, like wind and solar energy and electric vehicles. Doing this is necessary if we want to preserve a safe and healthy future for our children and grandchildren. This bill represents a big step forward by expanding clean energy and clean vehicle tax credits. These are essential to making clean technology accessible to more people across the U.S. And at the same time that they will help us take on global warming, they will also support cleaner and healthier communities by reducing air pollution. We support the bill’s passage in committee and the full House and Senate.”
Lisa Frank, Environment America Washington Legislative Office executive director issued the following statement:
“We can now power our homes, our businesses and even our cars and trucks with clean, green and renewable energy. Tax incentives are one of the most critical tools to help us shift from dirty, polluting sources of power to clean ones at the necessary speed. These policies are also among the most popular. Sixty-nine percent of voters in competitive House districts support investments in clean energy such as wind and solar power by extending tax credits to spur innovation and manufacturing, which is exactly what this legislation does.
“We applaud Chairman Richard Neal, Subcommittee Chairman Mike Thompson, and the many champions for clean energy in Congress for proposing the bold investments on clean energy that we need. We urge all members of the House Ways and Means Committee to support this important legislation.”
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