The Hill News

At a time when rising gas prices are hurting American families and businesses and threatening our economic recovery, policy makers should be encouraging, rather than discouraging, programs that support private investment in clean technology projects, job creation, and the reduction of our dependence on foreign oil.

Earlier this week, seven renewable energy trade associations called on Congress not to cut funding for the Department of Energy’s Renewable Energy Loan Guarantee Program. Separately, a cross-section of 34 renewable energy CEOs wrote a letter to House and Senate leaders pointing out that cutting funds now (as proposed in HR 1, the House-passed Continuing Resolution) would pull the rug out from companies that have already spent millions of dollars in applying for loan guarantees which the companies will repay with interest.

As the CEOs pointed out in their letter, the loan guarantee program is a “win-win-win” for taxpayers, American clean techno! logy and the communities and states where these investments are being made. The program’s real costs are paid for by the companies that submit applications and each federal dollar of a loan guarantee leverages $13 in private capital investment.”

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