President’s 2013 Budget Revives 1603 Solar Tax Credit, Eliminates $4B in Fossil Fuel Subsidies

Here are some of the highlights of the energy portion of the budget:

  • The budget provides for an extension of the Section 1603 Treasury Program, a program that addresses the scarcity of tax equity for financing solar projects.
  • The budget proposes the repeal of over $4 billion per year in “inefficient” tax subsidies to oil, gas, and other fossil fuel producers.
  • The budget proposes funding the DOE’s Office of Energy Efficiency and Renewable Energy at $2.33 billion, an increase from 2012 figures.
  • $310 million for the SunShot Initiative to make solar power at grid parity without subsidies by 2020.
  • $95 million for wind power, including offshore wind technologies.
  • $65 million for geothermal power and enhanced geothermal energy technology.
  • $770 million for the Office of Nuclear Energy, including funding to research and develop small modular reactors (SMRs).
  • The DOE receives $27.2 billion under the budget request, a 3 percent increase from 2012 levels.
  • The Office of Science would receive $5 billion to fund basic research.
  • The beleaguered DOE loan guarantee program would not win any expanded funding, though the budget does call for maintaining the current loan portfolio.

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