Chuck Grassley: “the capital cost to install new renewable generation capacity is three to ten times more expensive than the cost to…”

“the capital cost to install new renewable generation capacity is three to ten times more expensive than the cost to install conventional gas generation. Given these costs, Federal production tax credits have been available over the past decade to investor-owned utilities and private developers for renewable generation from wind, closed loop biomass and poultry waste. I worked in the JOBs bill last year to extend these tax incentives and expand them to additional resources, such as open loop biomass, animal waste nutrients, landfill gas, municipal solid waste, solar, geothermal and small hydro irrigation systems. I also fought to extend these incentives to electric cooperatives and public power systems, and today am releasing a new proposal, ``Clean Energy Bonds,'' that provides them with an important financing tool. Tax incentives for renewable and clean coal generation will be an important part of a balanced energy bill that the Senate will soon assemble. Such incentives enhance energy security by providing for diverse fuel choices, provide options in the face of high prices of oil and gas, and are a key component of ensuring that utilities can meet clean air requirements and climate change goals. The Administration has asserted that incentives for renewable generation are necessary for a balanced energy bill.…”