Reps. Edward Markey, D-Mass., and Todd Platts, R-Pa., introduced the American Renewable Energy Act on Wednesday. If passed, the legislation would take effect in 2012. Markey also introduced another bill that would require the nation to cut its power use by 15 percent by 2020. The reductions would result from setting new codes for buildings and appliances, and from utility-run or other programs that encourage conservation.
The lawmakers claim that the two bills together would create more than 500,000 jobs while saving people more than $180 billion in energy costs.
Passing the renewable energy standard would be good news for the solar industry. Mark Bachman at Pacific Crest Securities estimates that 5.9 gigawatt -- or $30 billion -- worth of solar cells would be needed between now and 2012 to meet the initial goals set by the standard. Another 55 gigawatts of cells, or $111 billion, would be required to meet the 25 percent mandate, he wrote in a research note.
The Union of Concerned Scientists has endorsed the renewable energy bill, saying it would increase renewable energy generation by 135 percent above what current federal and state policies would create.
The two lawmakers hope a new administration would make it possible to pass the two bills. They tried to get a renewable energy standard passed in 2007, but it didn’t receive enough support in the Senate, reported Grist.
