The clock is counting down on tax credits for renewables in the U.S., but they could be one step closer to a reprieve today after a late night vote in the House of Representatives passed a bill that would extend the cleantech incentives.

The tax credits are due to expire at the end of this year, but the bill in the House would add a one year extension for wind, and a three year extension for other renewable energy projects.

"The legislation is a result of reasonable comprimise that will put us on a path toward energy independence by expanding domestic supply," said Rep. Nancy Pelosi, speaking on the floor of the House. "Domestic supply of oil drilled offshore and expanding domestic supply of energy by investing in renewable energy resources."

"It will protect consumers with strong action to lower the cost of energy and to protect tax payers by making Big Oil pay for its fair share of our transition to a clean, renewable energy future."

Putting the burden on Big Oil to finance the package could pose the biggest hurdle for the bill, which faces a threatened veto from the president.

The bill, the Comprehensive American Energy Security and Consumer Protection Act, would cut approximately $18 billion in tax breaks for oil companies, with the savings to be used to pay for the tax breaks and incentives for biofuels, vehicles that use alternative energy, and fuel efficiency programs.

The Senate has its own version of a cleantech bill, which would also be funded from leasing and royalty revenues from the new drilling, as well as a repeal of tax credits to oil companies (see U.S. renewables could get compromise plan).

The Senate Committee on Energy and Natural Resources held a summit recently on the future of energy in the country ahead of an expected vote on its bill (see Experts talk cleantech on Capitol Hill).

Speakers, including Daniel Yergin, chairman of Cambridge Energy Research Associates, and Dan Reicher, director of Climate Change and Energy Initiatives at Google.Org, stressed the importance of energy efficiency, as well as the need for research, and funding, into multiple sources of power.

Energy efficiency could play a significant role under the newly passed House bill, which would require utility companies to generate 15 percent of their electricity from renewable resources, such as wind power, biomass, wave, tidal, geothermal and solar, by 2020. The bill allows utilities to meet up to 4 percent of that target through energy efficiency.

The House bill also aims to save consumers at least $210 billion in energy costs through 2030 by updating energy codes for new buildings. New residential and commercial buildings will have to realize a 30 percent improvement in minimum building standards by 2010, and 50 percent by 2020.

The building sector alone accounts for approximately 48 percent of all energy consumed in the U.S. and of all U.S. greenhouse gas emissions, according to Pelosi's office.