A diverse group of stakeholders called on legislative leaders in the U.S. House and Senate today to spur investment and accelerate the deployment of renewable energy in the U.S.
The House and Senate are currently considering options for a renewable energy-related tax package, among them a modification to the tax code that would make master limited partnerships (MLPs) available to renewable energy projects and alternative energy technologies.
The bill, called the Financing Our Energy Future Act, is sponsored by Sens. Chris Coons (D-DE) and Jerry Moran (R-KS) and Reps. Mike Thompson (D-CA) and Ron Estes (R-KS), and has broad bipartisan support in both chambers.
A group of 20 stakeholders made up of business leaders, think tanks, renewable energy advocates and environmental groups sent a letter to legislative leaders urging them to include the legislation in a renewable energy tax credit package this year.
The signatories include Alliance to Save Energy, American Council on Renewable Energy, Ceres, Energy Infrastructure Council and Natural Resources Defense Council, among others.
“This change to the tax code would spur new private capital investments in renewable energy and a wider range of energy projects and technologies by giving alternative energy businesses the same advantages already given to traditional energy businesses,” the signatories wrote. “Making MLPs available to renewable energy projects is a practical, market-driven solution that will grow our economy, create jobs, increase our energy security, and reduce greenhouse gas emissions.”
“Our country needs an investment surge in renewable and alternative energy sources now. We must do as much as we can, as fast as we can. That means advancing a bill that can pass this Congress, this year,” said Sen. Coons. “The Financing Our Energy Future Act is just that. It’s a practical, market-driven solution that will unleash private investment in a whole range of new energy technologies. It has broad support from Republicans and Democrats in Congress as well as think tanks, business leaders, and investors. This letter underscores the widespread support for enacting this proposal into law by the end of this year.”
"The Financing Our Energy Future Act provides an important update to the tax code that will level the playing field for renewable energy projects,“ said Ryan Martel, director, federal policy at Ceres, one of the groups behind the letter. “This bipartisan legislation is critical at a time when we must be doing all that we can to scale up renewable energy and reduce greenhouse gas emissions. Expanding access to MLPs would unleash private capital investments in renewable energy, which in turn would grow our economy, increase domestic energy production and create jobs.”