Green Pork

Whether or not you agree with the bailout package signed into law this week by President Bush after overwhelming support from the Senate and better-late-than-never support from the House, you might be happy to know that some of the pork thrown into it includes what some are saying is the largest renewable energy legislation in history. EcoGeek.com reports that this new legislation will create as many as 440,000 permanent jobs in the solar sector, 35 gigawatts of renewable electricity, and foster the growth of a $300 billion market for solar energy.

The bill extends for 8 years the 30% tax credit for rsidential and commercial solar installations, and it eliminates the $2,000 monetary cap for residential solar electric installations. It also authorizes $800 million for clean energy bonds for renewable energy generating facilities, including solar.

Al Gore and the rest at Generation Investment Management must be having quite a laugh. Could this financial bailout help leverage us into a green future?

(Note: In the middle of September, Generation did their small part to help the banking industry by investing close to $14 million in New Resource Bank, an innovative bank that seeks to deliver a new standard of customer service while building sustainable resources. This second equity offering expanded the bank's equity capital base by more than 75%. For more go to generationim.com.)