12/13/2007
The state Senate passed 44-5, the Alternative Energy Investment Act that earmarks $650 million over 10 years, funded by anticipated growth in state gross receipts taxes when caps are lifted on electricity rates. The measure now goes to the state House for consideration.
Special Session SB 1, provides funding for research and development of alternative energy technologies, helps municipalities and businesses to implement clean-energy projects, and provides assistance to consumers to cover up to 25 percent of the cost to install energy-saving equipment. The bill also increases funding of the Low-Income Home Energy Assistance Program (LIHEAP) by $100 million.
Earlier this year, Gov. Rendell proposed to borrow $850 million to fund his energy independence strategy and to pay for it by imposing a new tax on electricity users. It's estimated the new tax would cost a typical small manufacture about $1,000 annually and as much as $10,000 per year.
