Lending a hand

Wednesday, June 29, 2011 | 2 a.m.

It is in the best interests of Nevadans for this state to develop a thriving green energy industry as quickly as possible. Not only will harnessing wind, solar and geothermal energy wean us off dirty fossil fuels, but it will also help diversify our economy at a time when there is a desperate need for new jobs.

One provision of the federal economic stimulus package approved by President Barack Obama and Congress in 2009 was designed to encourage construction of renewable energy plants and electric power transmission lines so that Nevada and other states with plentiful green energy resources could take advantage of them. The stimulus legislation provided a temporary program allowing the Energy Department to guarantee up to 80 percent of loans for developers to build renewable energy facilities as long as construction begins by Sept. 30.

With the deadline looming, it is likely that numerous worthy projects will not begin construction in time to take advantage of the guaranteed loans, adding unnecessary delays to the development of renewable resources. As reported Saturday by the Las Vegas Sun’s Karoun Demirjian, it was originally believed that by the expiration date the fledgling industry would have been boosted to the point where private investors would be more interested in financing solar power plants and other green energy initiatives. But economic recovery has been slower than anticipated, discouraging potential sources of private financing.

That’s why Congress should do whatever possible to extend the loan guarantee deadline. An extension would give potential green energy developers more time to get their projects off the ground by providing the renewable energy industry the ability to grow so it is positioned to attract private investment once the economy rebounds.

Realistically, extending the loan program won’t be easy because Republicans in Congress, who fiercely opposed the economic stimulus package, are not likely to back renewal of a program that was part of that legislation. Yet those same Republicans are more than eager to support unnecessary tax breaks for wealthy oil companies that have enjoyed enormous profits while consumers have faced higher prices at the pump.

Solar power developers are understandably frustrated with the support oil companies receive in Washington. As Ian Rogoff, executive chairman of solar developer HelioPower of Murrieta, Calif., told Demirjian: “The incumbents have been favored for many years. Oil and gas tax benefits have been renewed, which means government support for those industries has been renewed.”

This country will not be able to eliminate its reliance on foreign crude oil or do a better job ridding the environment of the pollution caused by fossil fuel power plants until Congress provides more support for green energy development. Policymakers should emphasize green technologies that represent the best options for the 21st century. Democrats in Congress clearly understand this. The same cannot be said for Republicans, who think the best energy strategy this nation should pursue is to give more money to the oil companies that made $32 billion in profits in the first three months of this year.

By extending the deadline on the loan guarantee program, Congress would send the message that green energy development is vital to this nation’s future.