Barack Obama has been sworn-in as the 44th President of the United States and many believe he will usher in a new era of federal commitment to renewable energy – using it as a platform to both help revitalize the US economy through green jobs, but also to help reduce our dependence on foreign sources of energy, while improving our environment.

Since the 1990’s, the federal production tax credit has played an essential role in encouraging renewable energy deployment.  The production tax credit or “PTC” rewards renewable energy projects for their energy production.  In concert with twenty seven states which have mandated the use of renewable energy, and our many voluntary market partners, the federal production tax credit has spurred historic growth in the renewable energy sector.

President Obama and Congressional allies now stand poised to take the renewable revolution to the next level through a series of initiatives that will encourage renewable energy deployment and green job growth.  His inauguration speech today, in front of an historic audience on the National Mall, heralded the importance of wind power and the need to expand and modernize the electric grid.

According to reports from Washington, President Obama and Congress plan to enact the following legislation early this year, including:

• An extension of the federal production tax credit (currently set to expire at the end of this year)
• A national renewable energy standard which will mandate that utilities purchase an increasing amount of renewable energy to serve their customers
• Funding  for transmission facilities to help bring renewable energy to cities and other regions where a lot of electricity is consumed
• Other proposals under consideration include: loan guarantees for renewable energy and transmission projects, funding for renewables research and development, and funding for worker training for the renewable energy industry

 President’s Obama’s agenda is cause for great optimism for supporters of renewable energy.  It should be an exciting 2009 as the President and Congress work on landmark energy legislation.