Renewable energy development got a big boost this month when President Bush signed H.R. 1424, the massive federal economic rescue plan, which also included the Energy Improvement and Extension Act of 2008 (“EIEA”). EIEA included $10.9 billion in renewable energy tax incentives aimed at clean energy production, as well as $2.6 billion in tax incentives targeted toward cleaner vehicles and fuels, and $3.5 billion in tax breaks to promote energy conservation and energy efficiency, according to the Joint Committee on Taxation.

Prior to the passage of EIEA, many of the existing tax credits that are critical to the development of renewable energy were set to expire at the end of 2008. As a result, developers, lenders, and investors had put many large-scale projects on hold.

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