A long-awaited win for the clean-energy industry came Tuesday when the Senate overwhelmingly approved an energy tax measure to extend production tax credits for wind and solar energy. It also establishes a new credit for plug-in electric vehicles and energy efficient home improvements.
The Senate has tried eight times previously to pass the clean energy subsidies in the past year, but the legislation has been stalled repeatedly by partisan fighting. The current credits are set to expire in December. The clean-energy industry has warned lawmakers for months that the nation’s budding renewable market was evaporating due to the lack of government investment.
The legislation, paid for by limiting oil company tax breaks, provides $17 billion and is expected to create thousands of jobs.
The House still must give is final approval. And the White House indicated on Tuesday, that President Bush would sign the bill.