On October 28th Williams graduate Steve Hubbard discussed “How it Pays to Go Green” at the weekly Log Lunch. Hubbard laid out what he considers: Renewable Energy Tax Credits 101. He reiterated that shutting down every power plant and polluting industry cannot happen right away. To make change, we must work within the capitalist system.
Investments in solar power have really taken off since the middle of the last decade. The shift began in 2005 when a 30% investment tax credit was approved under the Bush Administration. It was a good start, but did not prompt a lot of meaningful activity. Since then, Obama passed a much bigger subsidy called the “Cash Grant Program.”
Hubbard explained the kinds of projects and credits, he listed a few as examples:
- Investment Tax Credits (ITC)
- Production Tax Credits (PTC)
- Solar and Wind
- Biomass, Fuel Cell, Geothermal, Landfill Gas, Solid Waste, Marine Hydrokinetic (tidal energy)
Just to name a few.
The IRS does not make this work very easy. But there is evidence of progress. Solar companies are working well with investors. Hubbard is fascinated but the number of players involved. He encourages students of all areas of study to get involved in the solar market. There are so many different facets, that can support the market and in doing so, the planet as well.
-Caroline Beckmann ‘17