Bipartisan Legislation Introduced to Promote Clean Energy and Reduce Emissions

U.S. Senators Jeanne Shaheen and Maggie Hassan introduced the Clean Energy for America Act, a bipartisan legislation aimed at consolidating current energy tax incentives to promote clean energy and energy efficiency. The bill aims to address climate change by incentivizing investments in clean energy technology and reducing greenhouse gas emissions. The legislation would provide tax credits for facilities with zero or net negative carbon emissions, as well as incentives for energy efficient homes and commercial buildings.

Key Takeaways:

• The Clean Energy for America Act would consolidate over three dozen energy tax incentives into three emissions-based, technology-neutral tax credits for clean electricity, clean transportation, and energy conservation.
• The bill would provide an emissions-based tax credit for facilities with zero or net negative carbon emissions, with an investment tax credit of up to 30% and a production tax credit of up to 2.5 cents per kilowatt hour.
• Senator Shaheen is a leader in the Senate for safeguarding the environment, and has introduced the Energy Savings and Industrial Competitiveness Act, which contains key energy efficiency policy reforms.
• The bipartisan bill is expected to save consumers over $41 billion on their energy bills, reduce carbon dioxide emissions by 1.18 billion metric tons, and add more than 100,000 jobs to the economy.
• Senator Hassan is working to address climate change and promote energy efficiency in New Hampshire and across the country, and has reintroduced bipartisan legislation to support the Regional Greenhouse Gas Initiative.

Statistics:

• The Clean Energy for America Act would provide a tax credit for facilities with zero or net negative carbon emissions, with an investment tax credit of up to 30% and a production tax credit of up to 2.5 cents per kilowatt hour.
• The bill is expected to save consumers over $41 billion on their energy bills, according to policy experts at ACEEE.
• The bill would reduce carbon dioxide emissions by 1.18 billion metric tons, equivalent to taking 3.1 million cars off the road each year for 30 years.
• The bipartisan bill is expected to add more than 100,000 jobs to the economy.
• Senator Shaheen has a strong track record on environmental issues, having introduced the Energy Savings and Industrial Competitiveness Act and being a founding member of the bipartisan Senate Climate Solutions Caucus.

Sources:

• United States Senator for New Hampshire Jeanne Shaheen's press release, April 26, 2021
• Senator Shaheen's biography on the Senate website
• American Council for an Energy-Efficient Economy (ACEEE) report on the Energy Savings and Industrial Competitiveness Act
• Senator Hassan's press release on reintroducing the Regional Greenhouse Gas Initiative legislation