Green energy firms face cloudy future

Green energy leaders say threat of federal budget cuts creates uncertain future for green energy in the US.

Bob Leverone/AP
Bobby Bailey stretches to tighten a screw that holds a corner of a solar panel at the O2 Energies solar power farm in Newland, N.C., earlier this month. Leaders in the 'green' energy industry worry that future budget cuts could eliminate subsidies for green energy projects.

Leaders in the green energy sector say the lack of a firm national policy on renewableenergy and the politically charged budget debate in Washington, D.C., has many firms uncertain about their future.

The Reno Gazette-Journal ( ) reports Thursday that industry leaders attending the National Geothermal Summit in Reno are expressing concerns that the debt debate to cut $1.2 trillion from the federal budget could affect federal tax credits and incentives for renewable projects.

These include temporary tax credits and loan guarantees that developers consider essential in kick-starting expensive and oftentimes high-risk projects.

They say the mood is an abrupt change from a year ago, when the country seemed eager to embracegreen energy alternatives. Now, they say those in the field are hoping to weather the budget fights.

of stories this month > Get unlimited stories
You've read of 5 free stories

Only $1 for your first month.

Get unlimited Monitor journalism.