It’s no secret that our nation is in the midst of an energy crisis. In just over one year, Americans have seen gas prices double. Families are suffering and many are struggling to pay their bills and make ends meet. Congress needs to do everything in its power to increase American-made energy production and exploration now. Congress must support an All-of-the-Above energy reform strategy which would bring to the table all available domestic energy sources to provide American motorists the relief they deserve. That means drilling in ANWR, off-shore, and in the shale oil-rich Mountain West. But, it has become increasingly clear that the production of renewable energy is vital to the All-of- the-Above plan.
Recently, I introduced legislation in the House that would provide tax incentives for renewable energy sources to help encourage production and research into ground-breaking energy technologies. My bill, the Promoting New American Energy Act, would accelerate tax depreciation for investments in domestic renewable energy. By encouraging greater investment in solar, wind, geothermal, biodiesel, and more, these alternatives become a bigger part of our arsenal of energy options more quickly.
According to a study by the nonprofit, nonpartisan American Council for Capital Formation, investments in alternative energy experience less favorable tax depreciation in the United States compared to many other countries. My legislation will put America on better footing globally and take us one step closer to increasing our domestic energy production, making us a global leader in energy production.
Last month, I joined nine House Republican colleagues on an American Energy Tour to examine key national energy sources in Colorado and Alaska. While in Colorado, we visited the National Renewable Energy Laboratory (NREL), a facility which focuses completely on creating and improving clean energy production for America using renewable sources. This cutting edge laboratory has some of America’s brightest scientists and technicians working to improve renewable energy efficiency for our country’s energy future.
Renewable energy is currently a sort of second-class citizen in the United States because of its high cost. According to the Energy Information Administration (EIA), renewable energy plants are generally more expensive to operate than plants using coal and natural gas. But we’re leaving real solutions behind by not changing this disincentive. Tax incentives for renewable plants would help equalize the financial burden, creating more energy production and a number of new domestic jobs.
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