“The solution to America’s energy crisis has been delayed by the 12-year Republican reign over Congress and more than seven years of President Bush’s oil man’s energy policy, which amounted to nothing more than to drill for oil and gas and mine more coal,” said Miller. “Now that Democrats are in charge of Congress, we are fighting every place we can to reduce our dependence on oil and gas and coal and move toward renewable energy sources that create thousands of skilled jobs in California and across the country, reduce American families’ energy costs, and cut global warming gases that threaten our economy and our planet. Today’s measure is an investment in our future – it is a forward thinking bill that will spur innovation and provide relief to workers and their families.”

The Renewable Energy and Job Creation Act extends tax incentives worth $18 billion, including the investment tax credit for solar energy and the production tax credit for energy derived from biomass, geothermal, hydropower, landfill gas, solid waste and wind. It also creates thousands of green jobs while extending and expanding tax incentives crucial to meeting the goals of California’s Global Warming Solutions Act, including incentives for energy efficient homes, buildings, and appliances. The bill does not add to the national debt and also closes loopholes allowing corporations and executives to avoid U.S. taxes by shipping jobs and investment overseas. Failure to extend these tax credits will jeopardize a number of energy projects already underway as well as stall numerous other projects expected to begin over the next few years, threatening jobs, energy savings, and global warming reduction efforts.

“California is at the forefront of clean energy production and this bill will encourage investment and jobs,” said Miller. “It will protect $19 billion in clean energy investment and 116,000 jobs nationwide – a significant portion of which will be in California. More than 22,000 construction and installation jobs would be lost in California’s solar industry alone if the tax credits weren’t extended and another 1,000 would be on the line in the wind energy industry. It is time to focus tax benefits on creating jobs and encouraging business investment here at home.”

California created a $540 million public benefits fund for renewable energy more than a decade ago, and other states are now following the state's lead. In addition to recent programs like the “million solar roofs” initiative, California has been investing heavily in replacing polluting energy sources with clean, renewable sources – this bill will allow California to continue this important investment.

Today’s action is part of a broader effort to reduce gas and energy prices and stop global warming. Earlier this week, in an effort to combat $4.00 a gallon gas, Congress also passed the Gas Price Relief for Consumers Act to crack down on OPEC-controlled entities and oil companies for oil price fixing. The bill authorizes the Justice Department to take legal action against OPEC state-controlled entities that participate in conspiracies to limit the supply, or fix the price, of oil. And last December, Congress passed into law a bill to increase automobile fuel efficiency standards for the first time in a generation.