Earth Equity News

Bailouts' Failure May Buy Time for Renewables. By Kate Galbraith, NYTimes, September 29, 2008. "Strange as it may sound, the surprise rejection of the Wall Street bailout package in the House may have breathed new life into the renewable energy industry's waning hopes that Congress will extend important tax credits that expire at the end of this year. 'Ironically, the failure of the bailout may have given negotiators more time,' said Paul Bledsoe, communications director of the National Commission on Energy Policy, a bipartisan group of energy experts. The House was planning to adjourn Monday after passing the bailout package, and possibly not to return until the inauguration of the next president. That didn't happen, so legislators will be forced to stay on -- and they could get other work done in the meantime. Both the House and Senate last week approved broadly similar tax credits for renewables, but there is fierce disagreement over provisions within each bill -- including how the credits should be funded. Should the credits not be renewed, Mr. Bledsoe suggested they might be passed next year -- and put into effect retroactively. The industry, however, hates this idea. 'We've already seen a downturn in solar and in wind in the last three months' due to the looming expiration of the tax credits, said Rhone Resch, president of the Solar Energy Industries Association."