Senate Finance Committee Provides 10 Times as Much in Tax Incentives for Energy Efficiency as House Energy Bill, Says Alliance to Save Energy
Washington, D.C., June 15, 2005 – “The Senate continues its march toward adoption of a more balanced and stronger energy bill than crafted by the House, with the proposal of an energy tax package that splits $16.1 billion in incentives almost evenly among energy efficiency; renewables and alternative energy; and fossil fuels, nuclear and electric infrastructure,” Alliance to Save Energy President Kateri Callahan noted upon release of the Senate Finance Committee energy tax package.
The Senate Finance Committee package would provide fully 10 times as much in tax incentives for energy efficiency as the House-passed energy bill – more than $5 billion compared with only about $500 million in H.R. 6.
“The energy-efficiency incentives called for by the Senate Finance Committee will create new markets for efficient buildings, appliances and vehicles, and will provide immediate relief for businesses and consumers struggling to meet the rising costs of natural gas and oil,” said Callahan. She added, “Energy efficiency tax credits reap tremendous returns, not only by saving consumers money, but also by reducing energy demand – thus enhancing our energy security and improving our environment.”
The Senate Finance Committee tax package includes tax incentives for energy efficiency upgrades to existing homes, new homes and commercial buildings; heating and cooling equipment and combined heat and power systems; various appliances; stationary fuel cells, and microturbines; and hybrid, alternative fuel, and other advanced vehicles.
“The Alliance to Save Energy applauds the Senate Finance Committee for using the tax code to advance energy efficiency,” stated Callahan, adding: “Energy efficiency is the nation’s quickest, cheapest, and cleanest means available to extend our energy supplies and meet our growing energy needs.”