Wyden Bill would release clean energy and accelerate our electric future

April 21, 2021

Keith Gaby, 202-572-3336, [email protected]

(Washington, DC – April 21, 2021) Senator Ron Wyden (D-OR) today introduced the Clean Energy for America Act, a bill that would create an emissions-based incentive program to stimulate growth without precedent of clean energy, clean transportation and energy efficiency.

“Senator Wyden’s plan provides economic certainty for producers and consumers of clean energy, which is essential for the transition to a healthier future,” said the chairman of the Environmental Defense Fund. Fred krupp. “By making the tax code smarter to reward investment in clean energy while removing incentives for fossil fuels, the measure will unleash the innovation needed to reduce climate pollution in our energy, transportation and transportation sectors. buildings. “

This tax framework is technologically neutral and would allow electricity producers to be eligible for a production tax credit or an investment tax credit for installations with zero or net negative carbon emissions. It also allows homeowners to qualify for an investment tax credit to install carbon-free production on site.

In addition, the measure provides for a 30% investment tax credit for eligible grid upgrades such as energy storage and transmission, which will enable the deployment of additional zero-emission energy and improve the stability and resilience of the network. Investments in zero-emission renewable electricity or energy storage in eligible low-income areas would receive even higher incentives.

As far as transport is concerned, the measure strengthens consumer incentives for electric vehicles and the associated charging infrastructure, thus helping to resolve two essential elements for widespread deployment, the price concerns and autonomy. Commercial vehicles will now have access to a tax credit of 30% of the purchase price of the vehicle. This will bring down the prices, especially for heavy and medium vehicles. The bill also provides incentives for fuels with lifecycle carbon emissions that are at least 25% cleaner than the current US national average.

Finally, it would offer performance-based incentives to increase energy efficiency in new and existing homes and commercial buildings.

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