January 19, 2007
By: by Lisa Blumenstock, Press Secretary
(Washington, DC): Congressman Michael R. McNulty (D-Green Island) and Congressman Dave Camp (R-MI) introduced legislation this morning that would extend for eight additional years the current two-year solar and fuel cell tax credits that were included in the Energy Policy Act of 2005.
"I am proud to sponsor this bipartisan legislation with my colleague Rep. Dave Camp. At a time when the high cost of energy continues to be a serious economic concern for most Americans, it is crucial that we continue to invest in these technologies which exhibit enormous potential for helping the United States achieve energy independence," McNulty said. "This investment has the potential to create thousands of high-paying jobs, strengthen our nation's energy security, and help American consumers save money on their energy bills."
"By extending and enhancing incentives to use solar energy and fuel cells we are creating a win-win-win situation - energy costs are driven down, our dependence on foreign crude oil is reduced and the negative impact on our environment is mitigated. This is a solid bill that deserves quick passage, and I want to thank Congressman McNulty for his leadership on this issue. I look forward to working with him on this bipartisan push for greater use of clean, alternative energy sources," said Camp.
"The introduction of this legislation is yet another example of Congressman McNulty's leadership and tireless commitment to the commercialization of fuel cells and alternative energy technologies, which will ultimately further our nation's progression toward energy independence," said Dr. Roger Saillant, CEO of Plug Power.
"Plug Power has been a major presence in the Capital Region's fast-growing technology economy as well as a leader in the fuel cell industry. I am hopeful that this legislation will help them to accelerate their development of alternative energy technology," said McNulty.
The Energy Policy Act of 2005 included an investment tax credit of 30% per kilowatt for fuel cells (capped at $1,000) and a 30% tax credit for solar systems purchased for both residential (capped at $2,000) and business applications. This legislation will extend these solar and fuel cell tax credits in order to spur investment in high-tech renewable energy.