October 2008

NJ's New Energy Master Plan Sets Stage for Increased Renewables

October 23, 2008 09:06
By Grace Kurdian McCarter & English, New York Office   While states like New Jersey face worsening economic conditions and some commentators have been calling into question government’s continuing support for renewable energy and commitments to fight climate change, NJ Governor Corzine on October 22, 2008 released NJ’s long-awaited Energy Master Plan (“EMP”) that pledges the state’s commitment to these priorities and others designed to increase energy efficiency and reduce energy con...

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RGGI prepares for next allowance auction; all 10 states to participate

October 20, 2008 05:49
By Rebecca Brenia McCarter & English, Hartford Office   After a robust introductory auction of carbon dioxide emission allowances that raised more than $38 million for participating states, the Regional Greenhouse Gas Initiative (RGGI) has opened the bidding process for a second auction to be held on December 17, 2008.  All ten RGGI states will participate, with auction proceeds to be used by the states for investments in energy efficiency, renewable energy and consumer energy e...

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Federal Income Tax Credits Finally Extended for Alternative Energy

October 4, 2008 12:47
By Frances BeckleyMcCarter & English, Philadelphia Waiting until the eleventh hour, on October 3, 2008, Congress and President Bush finally extended both the credit for electricity produced from renewable resources (Internal Revenue Code Section (“Section”) 45) and the credit for investment in certain alternative energy properties (Section 48).  Both credits were set to expire on December 31, 2008.  Extending those credits was part of an energy act (Energy Improvement and E...

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NJ Adopts Bill exempting renewable energy systems from state tax

October 3, 2008 10:43
By Frances Beckley, Philadelphia Office, McCarter & English On October 1, 2008, New Jersey Governor Corzine signed into law a provision that exempts the value of renewable energy systems from real property tax in New Jersey. A renewable energy system is "any equipment . . . that produces renewable energy onsite to provide all or a portion of the electrical, heating, cooling, or general energy needs of that building." Renewable energy is defined to include 1) electricity from solar techn...

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$13.5 Million for the Massachusetts Green Communities Act

October 2, 2008 13:16
by J. Wylie Donald
  The New Massachusetts Green Communities Act by Leigh Gilligan, Esq. The blogosphere has been filled with commentary on RGGI’s auction of the first U.S. greenhouse gas allowances - the first in the nation - on September 25.  Unsurprisingly, state authorities are delighted.  Today Massachusetts Department of Environmental Protection (DEP) Commissioner Laurie Burt noted the robust reception of the first auction of CO2 allowances.  About 12.5 million allowances were availabl...

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McCARTER & ENGLISH CLIMATE CHANGE AND RENEWABLE ENERGY PRACTICE GROUP

The business case for the development of renewable energy projects, from biodiesel and ethanol to wind, solar, and distributed generation, is more compelling than ever as tax and regulatory incentives combine to attract investments. Emerging issues in environmental law and increasingly recognized principles of corporate social responsibility are encouraging public companies to voluntarily reduce greenhouse gas emissions, install clean energy alternatives, and invest overseas in projects under the Kyoto Protocol to respond to climate change concerns.

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