Tax credits for renewable energy never made it into the economic stimulus package Congress passed earlier this month, but the House may soon consider a bill to invest $18.5 billion in clean energy and conservation.  The Renewable Energy and Energy Conservation Tax Act, would provide a production tax credit for wind, geothermal and other renewables, and would renew the investment tax credit for individual home owners and businesses to maintain incentives for solar, says an article from the Center for American Progress.

“H.R. 5351 would be a critical investment in the low carbon economy of the future that will also result in the creation of millions of new jobs. It is a critical companion to the Energy Independence and Security Act, and its passage would help a slumping economy,” writes Daniel Weiss.    

The bill is nearly identical to provisions in last summer’s  Energy Independence and Security Act that were nixed by President Bush and some Senate conservatives prior to passage in late 2007.  Much of the proposed tax credits would be recovered by ending subsidies for domestic gas and oil production, meaning Big Oil would be picking up the tab.

“(It) would cost Big Oil $1.4 billion annually over the next 10 years—a paltry sum considering that the big five oil companies made a combined profit of $123 billion in 2007 alone. ExxonMobil alone made a profit of over $77,000 per minute last year—more than the annual income of two-thirds of American families,” Weiss writes.

The bill could be debated and voted on in the House as early as February 27th.