The Senate on Wednesday failed to vote...AGAIN...on extending tax credits for renewable investments, primarily solar and wind. The vote was pretty much down party lines, with some defections.
Without these tax incentives many of the large renewable projects currently in the development pipeline will be delayed indefinitely and offer a good chance of being abandoned outright.
I will give a brief summary of why this is important, but for more detail please, please, please read my previous diary Wind and Solar Projects in Jeopardy.
Currently wind and solar projects (as well as geothermal and biomass)recieve tax credits, the Investment tax credit used primarily for solar capital expenditures and the Production Tax Credit, used to subsidize energy production from renewables, and is a primary driver in making wind projects economic.
The House has passed H.R. 6049 back on May 14 and four times the bill has failed to make it to the senate floor for a vote. Most recently on Wednesday a cloture vote failed, with 43 'Nay' votes coming entirely from Republicans(60 Aye votes are needed). Four republicans voted 'Aye'. There were four abstainers: Obama, McCain, Ted Stevens and Ted Kennedy. In fact McCain and Obama have abstained every time, which is understandable to the extent that they are campaigning and it was obvious that their votes would not change the outcome. While I feel pretty confident that Obama would have voted Aye, I won't pretend to guess what McCain would have voted.
Republicans don't like the way the bill is being financed, proposed taxes on hedge fund managers, saying its simply another tax. In reality, they want to make sure it is tied to increased domestic and off-shore oil drilling.
Anyway, as I said above the fold without these credits, renewable projects could fail, at worst, and be delayed indefinitely at best. I cannot emphasize this point, most of the developed projects rely on signed contracts with energy utilities and such and contain explicit provisions with respect to these tax credits. Check out American Wind Energy Association to see about contacting your Senator to try and get this issue to a vote.