Energy Policy Act Law and Legal Definition
The Energy Policy Act (“Act”) of 2005 changed U.S. energy policy by providing tax incentives and loan guarantees for energy production. This Act attempts to combat the growing energy problems in the country. The object of the Act is to ensure that there is secure, affordable, and reliable energy for the future. This Act empowers the Department of Energy to:
1. Study and report on existing natural energy resources including wind, solar, waves and tides;
2. Study and report on national benefits of demand response and make a recommendation on achieving specific levels of benefits and encourages time-based pricing;
3. Designate National Interest Electric Transmission Corridors where there are significant transmission limitations adversely affecting the public; and
4. Report every year on how to dispose of high-level nuclear waste.