Senator Menendez Helps Extend Renewable Energy Tax Credits

To Boost Our Economy And Protect The Environment

April 10, 2008 -- WASHINGTON— Today the U.S. Senate passed an amendment, cosponsored by Senator Robert Menendez (D-NJ) a member of the Senate Committee on Energy and Natural Resources., to extend renewable energy tax credits that would help fight global warming and wean us off of fossil fuels.

Solar panel with photovoltaic cells: Photo by Kevin T. Houle (CC)

The amendment provides a significant investment in solar energy, a critical developing industry in the state of New Jersey. Studies have projected that the renewable energy tax credit extension could create over 3000 new green collar jobs in New Jersey.

“We simply cannot afford to stand by and do nothing as our economy slumps and energy prices put more financial stress on New Jersey families,” said Menendez. “Band-aid solutions will only get us so far. Along with increased conservation efforts and energy efficiency, investing in renewable energy is the only way we can achieve energy security, stimulate our economy, and reduce our carbon footprint. The long-term nature of this incentive will go a long way toward supporting the kind of sustained investment necessary to bring about a fundamental change in our energy portfolio.”

Menendez has been an outspoken supporter of measures that would help New Jersey’s solar industry grow. “Solar is a viable and clean source of electricity—it’s an important part of the solution,” Menendez added. “New Jersey companies have been pioneers in the solar industry, and the important investment this bill makes is going to help our state take the lead in creating green jobs.”

The amendment was added to the New Direction for Energy Independence, National Security, and Consumer Protection Act.

Source: Senator Robert Menendez