Renewable energy investors and companies have been able to benefit from $500 million in tax credits for alternate power projects, at least up until the end of the year. Unless Congress gets their act together and renews these incentives, the future of wind and solar energy expansion is uncertain. The nation is in an energy crisis and this could significantly effect the US if Congress doesn't act in time.
With these incentives, big businesses and investors alike have found a booming industry to invest and make a nice profit on. The question is whether Congress will act in time to save the program, or will the Presidential election take up all of the remaining agenda time?
What's at Stake?
With these tax credits and incentives, investors can benefit by building clean, renewable energy that will not pollute the air and will reduce our dependency on foreign oil.
Tax incentives for homeowners that use solar and wind powered units could also be affected. In a time when we see skyrocketing fuel prices and global warming, the time for Congress to act is sooner, rather than later.
Jobs and the Economy
Jobs associated with these incentives could become a drain on the nation's economy. With renewable energy projects pooping up all over America, many new jobs have been added, lowering the nation's unemployment rate. Taking away the incentives will likely lead to many layoffs and a renewed increase in unemployment claims. In a nation where we see more jobs and businesses going over seas than are being created here, this is especially disturbing news.
