U.S. Rep. Jim McDermott and a bi-partisan group of House leaders introduced legislation to extend and improve energy tax credits for homes and commercial buildings as a major thrust in national energy policy to reduce America's addiction to oil and the impact of hydrocarbon emissions on global warming.
"We've got to think in terms of energy efficiency, in addition to clean energy production, and we've got to focus our efforts where they can have the greatest impact in the least amount of time," McDermott said.
"The homes we live in and the offices we work in actually account for the greatest amount of carbon emissions in the U.S., even bigger than automobiles," McDermott said, citing data from the Environmental Protection Agency.
Currently, taxpayers receive a credit for the purchase and installation of energy efficient products and technology in homes or commercial buildings, but are scheduled to expire at the end of this year. This legislation would extend the existing tax credits for four years.
In addition, the new law would phase in new tax credits that reward on-going energy efficiency.
"We're trying to change the way we think," McDermott said. "By providing credits based on energy savings, we will promote ongoing energy efficiency, reducing energy consumption. It will mean extra money in American pockets year after year, and more bang for the taxpayer dollar."