After listening to both Barack Obama and Hillary Clinton go on about the need for alternative energy during their stump speeches this weekend, it's nice to see that two senators who aren't on the campaign trail everyday are working on making that happen.

Last week, Sens. Maria Cantwell (D-WA) and John Ensign (R-NV) submitted the “Clean Energy Stimulus Act of 2008.” Among other things, this bill would extend the Investment Tax Credit (ITC) for commercial renewable energy development to 2016, currently set to expire at the end of 2008.

The investment tax credit is seen as crucial by the renewables industry in order to keep up the pace of renewables development. Long term financial feasibility of renewable energy projects is often dependent on tax incentives from the federal government. With the ITC up in December, long term projects are being put on hold as developers see no security for their investment. The failure to extend the ITC will leave the renewable industry “an absolute wasteland” according to the April issue of Solar Industry Magazine.

The bill would also allow utilities to be eligible for the ITC, promote residential solar photovoltaic installations as well as efficiency measures for buildings, appliances, heating and cooling equipment, and the retrofitting of homes for energy savings.

The bill has 30 co-sponsors and needs 61 to pass before it can be sent to the House. In February, the House passed its own version of the ITC extension, which failed to pass in the Senate. Among other differences the House version called for a decrease of tax incentives for the fossil fuel industry.

While some in the renewable energy community feel the bill is not as long-term or as comprehensive as they are calling for, Solar Energy Industries Association, American Wind Energy Association, and the Union of Concerned Scientists have all publicly supported the bill.