(HOST) Yesterday we heard from commentator John McClaughry, who criticized a proposal to fund a new energy efficiency initiative in Vermont with a tax on windfall profits at Vermont Yankee. Today we hear from commentator James Moore, who believes that the efficiency program must be funded somehow.
(MOORE) Two years ago I made one of the biggest decisions of my life. I bought a house. It’s a small house that was built in 1890 and it needed a bunch of work. I had no idea what I was getting into. But when I looked up the heating bills from the previous owner and I saw the rising price of oil, I knew something had to be done. So I ripped out the old fiberglass insulation from the 1960’s and the rock wool insulation from who knows when. Then I borrowed money to re-insulate the place.
Just in the past couple of winters, even though they’ve been pretty mild by Vermont standards, I’ve saved between one thousand and fifteen hundred dollars.
I shouldn’t be surprised. A recent study done by the Governor’s department of public service, showed that if we were to invest one hundred and fifty million dollars in efficiency programs over ten years, Vermonters would see a three-fold payback, saving nearly five hundred million dollars on their heating bills.
Such an efficiency program will provide money-saving incentives to all Vermonters, including zero interest loans and technical expertise to help folks figure out what the most cost effective improvements might be.
Everyone wants to save money on their energy bills. We also want to cut our global warming pollution and reduce the amount of oil we import from around the world.
Right now, a bill that could help make all these things possible is being debated in the legislature. Earlier this year the Governor said that he likes the idea of an efficiency program but he didn’t like any of the funding suggestions.
It’s easy to say that we like the idea of energy efficiency but the real test is whether we can find the money needed to make the initial investment.
Yesterday, legislators from the house agreed with members of the senate in a conference committee that the efficiency program is important and deserves funding.
They prioritized fixing our energy policy and ear marked future money in the state’s general fund for the effort.
Initially, legislators considered taxing Vermont Yankee’s windfall profits. They’ve been making a ton of money because the price of oil has gone up and changes in the New England electricity market have all of us paying a little more to energy companies like them. But when legislators were researching this idea, they discovered that Vermont Yankee has been paying a lower rate in property taxes than other businesses, and a lower rate than other power generators like wind farms will be required to pay. So they may simply require Vermont Yankee to begin paying its fair share.
Vermonters will get part of this money to help them deal with rising energy costs, global warming and our oil dependence. That’s a good idea that deserves support.
Right now a lot of Vermonters are weighing in on the energy bill with their representatives and the Governor. With only a few days left before legislators leave the State House for the year now’s the time for Vermonters to get involved.
James Moore is a Clean Energy Advocate for the Vermont Public Interest Research Group.