Biden gives PG&E $1 billion to keep the Diablo Canyon nuclear plant open
Published: Tuesday, October 24, 2013 at 7:44 p.m.
Last Modified: Tuesday, October 24, 2013 at 7:44 p.m.
President Barack Obama has signed Senate Bill 1223, the first of the new, renewable-energy clean energy tax credits (RETCs). The bill extends RECs’ eligibility from solar and wind to the development of biomass, gasified fuel, and advanced, smaller-scale renewables.
The bill extends the solar and wind exclusion from this year to 2016, which means that these tax credits are currently available for solar and wind.
The Senate passed this bill at 3:41 p.m. and the House approved it at 2:11 a.m. — a fast turnaround in Washington, which is currently in election mode. There was no debate or public comment.
The Senate approved the bill by voice vote, and a House passage by voice vote was required to amend the Senate version by adding the word “biodiesel” to the list of renewables.
The Senate also approved, in a voice vote, an amendment to exempt the REC that applies to biomass and is designed to stimulate the commercial production of biomass.
The REC’s eligibility date will remain the same: it will last through the end of 2016 and sunset after that, unless the bill is extended, as occurs in the case of a renewable energy tax credit.
Under the tax credit’s rules, renewable energy projects that receive a tax credit must generate electricity using an amount of energy equal to 10 percent of the qualifying energy produced in a year — no more, no less.
The Senate passed this bill on Wednesday morning, and with today’s action, now all that needs to be done is to send the bill to the president for his signature.
Reintroducing RECs to expand the use of renewable energy
SB 1223 extends the renewable energy exclusion by one, three-year tax credit. It’s the last new renewable energy tax credit in the bill.
SB 1223: A Renewable Energy Tax Credit for Residential and Commercial Customers
Establishes a Renewable Energy Tax Credit for residential and commercial customers. The renewable energy tax credit is available to households and businesses in Florida. The credit is valid for the use of qualified renewable energy sources of the energy produced, or purchased, during 2012 and for any additional