The FREE Act:
Freedom through Renewable Energy Expansion
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Short Summary
Promote the Production and Use of Renewable Energy
- Create a 20 percent Federal Renewable Portfolio Standard
- Strengthen the federal energy purchase requirementCreate a school renewable energy grant program
- Extend renewable electricity Production Tax Credit (PTC) for five years
- Extend and modify the Investment Tax Credit (ITC) for solar, fuel cell and geothermal properties
- Extend the Investment Tax Credit (ITC) for residential energy efficient properties
- Create a small wind Investment Tax Credit (ITC)
Fund Renewable Energy Research
Require Energy Efficiency
- Raise average fuel economy standards to 33 mpg by 2015
Repeal Subsidies to the Oil, Gas, and Nuclear Industries
- Repeal certain provisions in the Energy Policy Act of 2005 regarding the nuclear industry, saving about $3.5 billion
- Repeal certain tax break provisions in the Energy Policy Act of 2005 regarding the oil and gas industries, saving about $2.6 billion
- Repeal certain other provisions in the Energy Policy Act of 2005 regarding the oil and gas industries, saving about $6.8 billion
- Repeal provisions in federal law that exempt oil and gas companies from paying royalties or reduced fees for drilling on public lands, saving $5.8 billion
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