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Legacy EPAct 2005 is generally regarded as an incremental, but note-worthy, step toward energy security, economic transformation and environmental improvement in the United States. The bill was opposed by many Democrats who believed it contained far too many financial incentives for traditional energy producers and too few for clean, renewable energy. It was criticized by some Republicans for not going far enough to release federal lands for domestic energy production and for interfering with market processes in energy production by subsidizing industries unequally. Although many supporters of the bill admitted that EPAct 2005 was “not perfect,” Congress has continued to sustain and expand some its provisions:13 • Production tax credits for traditional and renewable energy producers • Renewable energy tax credits for residential energy investments • Manufacturing incentives and consumer tax credits for hybrids and fuel efficient vehicles • Renewable fuels standards EPAct 2005 also reinvigorated debate over a number of policies that failed to make the final version of the bill. These policies emerged as key issues in subsequent debate of the Energy Independence and Security Act of 2007, the Emergency Economic Stabilization Act of 2008, and during the 2008 Presidential Election: ANWR exploration, renewable portfolio standards, federal emissions standards, net metering and smart metering arrangements, and CAFE standards. Ultimately, Congress’ 4-year effort to pass comprehensive energy legislation revealed that building consensus in U.S. energy policy is difficult, especially in the presence of many competing interests. In this light, perhaps the greatest accomplishment of the 109th Congress was overcoming long-standing barriers to energy legislation: partisanship, regionalism, and inertia. Impact on Industry and the Economy As the first omnibus energy legislation passed in nearly a decade, EPAct 2005 played a significant role in encouraging new ventures in renewable energy, primarily through its provision of production tax incentives for near-market technologies and research and development funding for other energy technologies. Tax incentives for domestic energy production were especially successful in expanding renewable wind and solar electricity generating capacity. Renewable fuel standards have increased since EPAct 2005, expanding the role of first- and second-generation biofuels in the transportation sector. Furthermore, EPAct 2005 investments and incentives helped usher mass-produced models of hybrid and flex-fuel vehicles to market. The U.S. automotive industry plans mass sale of the first plug-in hybrid vehicles as early as 2010. 124PDF Image | Shaping Energy Technology Transition
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