WASHINGTON (Reuters) - U.S. President Barack Obama on Monday pushed for more investment in solar and wind energy, saying the country that can make renewable energy sources price-competitive with traditional fossil fuels will become the economic superpower of the future.
Obama, speaking at a townhall meeting in Elkhart, Indiana, said renewable energy companies needed tax breaks and loan guarantees to provide incentives for firms to manufacture and customers to purchase solar and wind energy.
Obama acknowledged that while the cost of producing electricity by wind and solar has declined, it is still cheaper to generate power from plants fueled by coal or natural gas.
However, Obama said he wanted the government to invest every year in new technologies to drive down renewable energy costs over the long term.
"The country that figures out how to make cheaper energy that's also clean, that country is going to win the economic competition of the future," he said.[...]
Under the bill, the amount of the U.S. electricity supply coming from renewable energy resources would gradually increase to 4 percent by 2012, 8 percent by 2015, 12 percent by 2018, 16 percent by 2020 and 20 percent by 2039.
Obama also pledged to double U.S. renewable energy production within the next three years.
I think this is moving to slowly. An important part of it should be a feed in tariff.