California's Proposition 39 will Generate Half a Billion a Year for Clean Energy and Efficiency

In California 60 percent of voters approved the passage of Proposition 39 which will generate $500 million per year for energy efficiency and clean energy projects in public buildings over the next five years. This includes projects at schools and government buildings such as installing solar panels, and energy efficiency retrofits.

"California voters not only modernized the state’s corporate tax structure by passing Prop 39, they indicated their strong support for renewable energy, including expanding solar energy and encouraging related investment over the next five years,” Carrie Cullen Hitt, vice president for state affairs at The Solar Energy Industries Association.

Although the proposition could raise taxes for some corporation, the state's Legislative Analyst's Office, said it will create up to 40,000 new jobs in California.

It is interesting to note that Proposition 39 had almost no formal opposition. the reason for this appears to be due to the hard work of Tom Steyer, a hedge fund manager who poured almost $30 million into the campaign to pass the measure. He succeeded in thwarting opposition by threatening to publicly identify any corporation that opposed it.

© 2012, Richard Matthews. All rights reserved.

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