New legislation proposes slashing 'Big Oil' subsidies to promote renewables

For some solar policy advocates, a recent bill introduced in Congress would appear to represent their dream legislation. After all, its purpose, as summarized simply in its introduction, is "to provide incentives for clean energy and to repeal fossil fuel subsidies for big oil companies."

This bill, called the Investing to Modernize the Production of American Clean Energy and Technology Act of 2012 (IMPACT Act), made an appearance on the U.S. House of Representatives' floor last week, when it was introduced by Reps. Ed Markey, D-Mass.; Henry Waxman, D-Calif.; John Larson, D-Conn.; Earl Blumenauer, D-Ore.; and Bill Pascrell Jr., D-N.J.

New bill proposes to extend wind energy PTC, slash oil subsidies

A group of Democrats in the U.S. House of Representatives has introduced new legislation that would extend a number of incentives for wind power and other forms of renewable energy while stripping subsidies for fossil fuels.

The bill - Investing to Modernize the Production of American Clean Energy and Technology (IMPACT Act) - introduced by Reps. Ed Markey, D-Mass.; Henry Waxman, D-Calif.; John Larson, D-Conn.; Earl Blumenauer, D-Ore.; and Bill Pascrell Jr.; D-N.J. - proposes an eight-year extension to the production tax credit (PTC) for wind, solar, geothermal, biomass, landfill gas, hydropower, and marine and hydrokinetic power production.

Notably, however, the bill specifies that if a renewable electricity standard or similar measure - such as the clean energy standard proposed most recently by Sen. Jeff Bingaman, D-N.M. - were to become law, the PTC would be phased out within 12 months.