Oct. 3 — The U.S. House of Representatives is expected to vote today on the bank bailout bill that includes billions of dollars in incentives for renewable energy production, including tax breaks for homeowners who purchase energy-efficient products.
Bloomberg reports, “The breaks for the energy industry include $1.9 billion for an eight-year tax extension for solar energy, $5.8 billion for wind, geothermal, biomass and other alternative energy production,” but also “$900 million for retooling refineries to process heavier oils from shale and Canada’s tar sands.”
Reuters adds that the bill “creates a new category of tax credit bonds to finance state and local government initiatives to cut greenhouse gas emissions” and “extends tax credits for homeowners who update with energy efficient products,” including energy-efficient biomass fuel stoves, which for the first time would qualify for a $300 credit.
House speaker Nancy Pelosi told the Washington Post that the House plans to vote on the bill at noon today.
