The measure passed 235 to 181.
In addition to raising the Corporate Average Fuel Economy Standards to 35 miles per gallon, the bill contained $21 billion in oil industry tax incentives and a provision to require utilities to generate 15 percent of their electricity from renewable sources such as wind or solar power.
The White House has indicated it will veto the bill if it passes in its current form.
Brandishing a baseball signed by former New York Giant baseball player Bobby Thompson, House Speaker Nancy Pelosi (D-Calif.) compared the passage of the bill to Thompson's famous 1951 pennant-winning home run.
“This vote on this bill is a shot heard round the world for energy independence,” Pelosi said.
Despite Pelosi’s optimism, prospects for the bill look dim in the Senate, where Republicans remain adamant they will not support the bill if it includes a renewable energy measures and the tax package.