Energy Bill Supports Ocean Energy

“We’re optimistic by the support for ocean renewables in this bill; however, the debates over issues like renewable energy standards, and tax incentives, in general, overshadowed some of the good aspects of this bill.” stated Sean O’Neill, president of the Ocean Renewable Energy Coalition. “Removing all renewable energy tax incentives demonstrates just how polarized we’ve become on issues like energy security. Now is not the time to restrain the innovation and progress that defines renewable energy. We need leadership, compromise, and common sense." he added. 

The House of Representatives passed an aggressive legislative plan aimed at making the U.S. energy independent while strengthening national security, lowering energy costs, and spurring economic growth. The Energy Independence and Security Act of 2007 passed the House by a vote of 253 to 181. The Senate approved an amended Bill by a 86 to 8 vote. Dropped from the bill were Renewable Energy Standards and a four-year extension of tax credits for renewable electricity projects, including wave tidal, and current, which were expected to cost around $6.6 billion over the next decade, and  an extension of the 30 percent investment tax credit for solar and fuel cells through Dec. 31, 2016. 

Specific provisions benefiting the Marine Renewable Energy industry include: 

The Ocean Renewable Energy Coalition is the only national trade association representing exclusively the marine and hydrokinetic renewable energy industry. Visit our website at: www.oceanrenewable.com.