Senate Renews Renewable Energy Production Tax Credit

The U.S. Senate passed 88-8 an extension of the renewable-energy production tax credit on April 10th as part of larger Mortgage Foreclosure mitigation bill that was approved too. It was set to expire at the end of this year and is now good through 2009. Extending the tax credits assures that approximately $20 billion in planned renewable energy projects and investments will be made. Homeowners and businesses can offset up to 30 percent of the cost of renewable and efficiency retrofits. The measure now goes to the House where Speaker Pelosi is demanding offsets for the credits. A measure to do so in last year's energy bill failed.