| 2/12/2013 |
Ruggiero proposes restoration of renewable energy tax credit
STATE HOUSE – Residential renewable energy installations are a terrific way for homeowners to produce their own low- or no-cost, pollution-free energy. But whether solar, geothermic or wind-powered, residential renewable energy systems can cost tens of thousands of dollars.
For five years in the previous decade, Rhode Islanders interested in installing one had a source for some help: the renewable energy tax credit, which would provide them a tax credit for 25 percent of the cost of the system, within limits. But the credit ceased after 2010, when a new streamlined state income tax system eliminated it and other such breaks.
Representative Deborah Ruggiero, with the support of environmental advocates, is pushing to reinstate the renewable energy tax credit this year.
“The renewable energy tax credit is an investment with many returns. It helps environmentally concerned Rhode Islanders invest in green energy for their home while creating jobs for renewable energy small businesses in our state. It’s an investment that keeps money in Rhode Island by supporting the environmental building trades and the jobs within them while creating home-grown power, resulting in a cleaner environment,” said Representative Ruggiero (D-Dist. 74, Jamestown, Middletown).
In 2011, the Small Business Renewable Energy Task Force, which was led by Representative Ruggiero, found that the elimination of the renewable energy tax credit had stalled the market for solar installations. In its report that year, the task force recommended restoring the credit to make renewable energy projects more affordable for Rhode Island homeowners, make their homes more energy-efficient, create jobs with the installations and generate sales and income tax revenue for the state.
The bill is supported by the Sierra Club, the Rhode Island Construction and Building Trades Council and Jobs With Justice.
“This legislation is a common sense solution to help address two of Rhode Island’s pressing problems: its lackluster building trades economy on the one hand, and the looming threat of global warming on the other. What’s great about it is that it offers a lot of rewards in terms of creating jobs, producing energy savings for households, and reducing carbon emissions, while posing no risk to the Rhode Island taxpayer,” said Abel Collins, program manager for the Sierra Club Rhode Island. “The renewable energy tax credit will work hand in hand with Rhode Island’s energy efficiency initiatives, planned large-scale renewable projects and our distributed generation energy law to make Rhode Island a national leader in the race to create an American clean energy economy.”
Cosponsors of the bill (2013-H 5116) include Rep. Michael W. Chippendale (R-Dist. 40, Foster, Glocester, Coventry), House Environment and Natural Resources Committee Chairman Arthur Handy (D-Dist. 18, Cranston), Rep. Jeremiah T. O’Grady (D-Dist. 46, Lincoln, Pawtucket) and Rep. Mia A. Ackerman (D-Dist. 45, Cumberland, Lincoln). Sen. Joshua Miller (D-Dist. 28, Cranston, Providence) has introduced the bill (2013-S 0127) in the Senate.
For more information, contact:
Meredyth R. Whitty, Publicist
State House Room 20
Providence, RI 02903
(401) 222-2457 |
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