Rep. Schakowsky Introduces the Prioritizing Energy Efficient Renewables Act
Washington, DC (June 27, 2013) — Rep. Jan Schakowsky introduced H.R. 2539 the Prioritizing Energy Efficient Renewables Act today:
Today, Rep. Jan Schakowsky introduced H.R. 2539 the Prioritizing Energy Efficient Renewables (PEER) Act. The legislation would permanently extend the Renewable Energy Production Tax Credit (PTC) for wind, geothermal, hydro, and marine power and eliminate the tax credit for intangible drilling costs, the domestic manufacturing tax credit for oil and gas, and the percentage depletion credit for oil and gas wells.
Rep. Schakowsky is joined by 17 colleagues in introducing the legislation, which is supported by Earthjustice, Environment America, the Environmental Law and Policy Center, Greenpeace, the League of Conservation Voters, the Natural Resources Defense Council, Sierra Club, the Union of Concerned Scientists, and the Wilderness Society.
"As the President highlighted this week, global warming is real and its consequences are devastating. The tremendous challenge of climate change also offers an opportunity," said Rep. Schakowsky. "We should invest in renewable energy technologies that will help our country reduce hazardous carbon emissions, driving the growth of good American jobs, improving public health, and leaving behind a safe climate for our children and grandchildren. I look forward to moving the PEER Act forward as we discuss our country's energy future."
"We thank Representative Schakowsky for introducing the Prioritizing Energy Efficient Renewables Act of 2013. It's high time we provide renewable energy the same certainty of federal support that big oil and gas have enjoyed for decades. The Schakowsky bill would make a commitment to developing clean energy sources while ending unnecessary support for highly profitable and polluting fossil fuels. Wind, solar, and other clean energy innovators should not have to scrap for federal investment every year, while oil and gas fat cats sit back and enjoy unfair tax breaks while racking up billions in profits," said Dave Hamilton, Director of Clean Energy at the Sierra Club.
Without Congressional action, the PTC will expire at year end. The tax credit, which provides up to 2.3 cents per kWh of energy produced, has driven clean energy and economic growth nationwide. The PTC has been especially important for wind energy. Last year wind power represented 44 percent of all new electrical generating capacity in the U.S., leading all other sources. Wind also employs about 75,000 Americans, and the American Wind Energy Association believes it could employ 500,000 and supply 20 percent — up from 3.5 percent today — of U.S. electricity by 2030.
The legislation is revenue positive, as the approximately $1.6 billion cost of the PTC last year is outweighed by the approximately $3.7 billion in annual costs of the three oil and gas credits.
###