Super Eco

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The U.S. House Ways and Means Committee has given the go-ahead to $20 billion in energy tax credits and financial incentives supporting President Obama's economic recovery plan. The committee stamped its approval Thursday on plans that extend eligibility for federal renewable energy tax credits. The plan should prove to be a significant boost to the wind and solar energy industries—and scoops up facilities that generate electricity from renewable energy sources, such as biomass, geothermal, small irrigation, hydropower, landfill gas (biomethane) and ocean currents, into the eligible group, as well.

The incentives also encourage energy-efficiency improvements for existing homes and help service stations cover the costs of installing alternative energy pumps.

Refundable tax credits will help the renewable energy industry keep up with increased demand despite the economic crunch hobbling their capital-hungry new projects. This positions the fledgling industry in the middle of the runway, poised for lift-off as demand for their  technology and energy grows.

Several other House committees still need to address other parts of the economic stimulus package. Then the entire measure will go to the Senate. As with Obama's own decisive moves since taking office, the plan seems set  to make rapid progress. Legislators are aiming to have a final bill ready to sign into law by President's Day on Feb. 16.