Senate blocks bill geared toward clean energy tax credits

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In a backwards-mentality decision, the US senate blocked debate on a clean-energy tax credit bill, over fears of the financial costs.

The bill, which was geared towards business tax credits for generating electricity from renewable sources such as wind, biomass, hydro, and geothermal means, never garnered enough votes to go to a debate and vote in the senate.

The decision to block the bill leaves the tax-credits for renewable energy in jeopardy, as they are set to expire at the end of 2008, and the proposal outlined in the bill was to extend them to the end of 2009.

In addition, the bill had other incentives for non-power generating companies:

Businesses and homeowners would also be able to offset 30 percent of the cost of installing solar or fuel cell equipment with a one-time tax credit.

Tax credits would also be extended for one year for homeowners who install energy-efficient furnaces, windows and insulation.

Builders would get a tax deduction for constructing energy-efficient homes, as would businesses for making energy-efficient improvements to commercial buildings.

The decision to not even discuss the bill seems to be fueled from the fear of committing 7 billion dollars over the next 10 years to renewable energy credits, which was the most expensive portion of the proposed 17.7 billion dollar bill.

Ultimately, it leaves the US Energy policies to become even more dependant on heavy-pollution solutions (coal) and foreign oil, which already has consumers searching for alternatives. By blocking even discussion of the bill, not only will the consumers bare the brunt of the issue, but so will the possible advancements that could have been made in the domestic market.

Sometimes, it's no surprise that the US economy is going into so much trouble, particularly when there is a blatant refusal to consider any alternative energy methods.