Christopher Shays: “I rise in support of H.R. 5351, the Renewable Energy and Energy Conservation Tax Act, which extends Federal tax…”

“I rise in support of H.R. 5351, the Renewable Energy and Energy Conservation Tax Act, which extends Federal tax incentives for energy efficiency and renewable energy technologies that have expired, or will expire, at the end of 2008. I strongly support promoting increased use of renewable energy and developing renewable energy technologies. Currently, renewable energy sources account for only two percent of our Nation's electricity supply. We need to increase the supply of clean, renewable energy, but we also need to be more energy efficient and slow the growth of demand. H.R. 5351 would extend tax incentives for wind, geothermal and biomass energy through 2012, and extend the tax incentives for solar electric systems through 2016. The bill also extends credits for consumer purchases of energy efficient products through 2014, and creates a credit for plug-in hybrid vehicles for 2008. The Production Tax Credit (PTC) helps the United States create thousands of megawatts of new, clean, renewable electricity, and has been a major driver of wind and solar power development. To fund these tax credits, this bill will repeal some of the tax breaks we give to the oil companies. I have long advocated repealing some of the tax breaks we give oil companies as 'incentives,' and voted that way, because our current marketplace provides adequate incentive for oil and gas exploration. We will never resolve our energy needs because we are not conserving energy.”