Green Energy an Election Issue

Green Energy issues have risen in the American presidential race, unfortunately in a negative fashion. While Democrats have attached less that $3 billion in oil company tax breaks, republicans have homed in on the $90 billion in green energy tax breaks, with special attention to the "misses" such as Solyndra and not the "hits."

The fact is that Investment Tax Credits for residential and commercial solar installations, expiring in 2016, has been an engine for job growth. This uncapped credit, coupled with a plunge in solar panel costs, have made solar energy a winner, while wind power, buffeted by natural gas competition, has faltered.

Thus, while grants and guaranteed loans have had limited success, there is no question of the positive impact of the solar tax credits.

How ironic that in a year where energy issues have been a hot topic of political discussion by the chattering classes, American business has seized the initiative in achieving energy independence for the U.S.

U.S. energy companies have led the way in the discovery of vast U.S. fields of shale gas and oil, which most observers consider an economic game-change. However, many of these same experts caution there are obstacles in the way of full energy independence.

First, the U.S. does not currently have an infrastructure in place to handle the glut of new energy supplies. Secondly, there is squabbling at the state and federal level over how to regulate the new energy bonanza. Finally, there is a need to reach a consensus over emission and renewable energy goals. I, for one, have confidence that these challenges will be met.