Renewable Energy Government Incentive Programs
Federal and state governments are offering a myriad of renewable energy incentive programs, devised to encourage industry growth and energy savings through government-funded consumer and commercial initiatives, including tax rebate programs, and grants. ( http://www.bharatbook.com/
In recent years, renewable energy has become an important part of the United States’ government’s agenda. For instance, the Federal Energy Policy Act of 2005 (EPACT) established a tax deduction for energy-efficient commercial buildings applicable to qualifying systems and buildings.
More recently, the American Recovery and Reinvestment Act of 2009 extended many tax incentives originally introduced in EPACT and amended in the Emergency Economic Stabilization Act of 2008.
In 2008, total renewable energy consumption in the U.S. was 7315711 billion Btu, an over 7.5% increase from the year before. Hydroelectric power accounted for 33.5 percent of total renewable energy consumption. And biomass accounted for 53.25 percent. The remaining consumption is split between wind (7%), geothermal (5%), and solar (1.25%).
According to the EIA, the outlook for the next two decades is for continued U.S. reliance on fossil fuels, with coal growing faster than liquid fuels and natural gas. Modest growth in hydroelectric power and nuclear electric power is anticipated, as is a doubling of nonhydroelectric renewable energy by 2030.
This comprehensive report examines the current federal and state renewable energy incentive programs designed to encourage continued investment and growth in the renewable energy sector. The report is organized by state.
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