In a vote of 219-212 the House of Representatives passed the American Energy and Security Act of 2009. The bill will cap greenhouse gas emissions and provide critical incentives and investment in clean energy development and “green collar” jobs. While far from perfect, the bill is the nation’s best effort yet in coming to grips with climate change and transitioning from an unsustainable energy economy.

The final bill has a goal of reducing greenhouse gases in the United States to 17 percent below 2005 levels by 2020, and 83 percent by midcentury.

When the program is scheduled to begin, in 2012, the estimated price of a permit to emit a ton of carbon dioxide will be about $13. That is projected to rise steadily as emission limits come down, but the bill contains a provision to prevent costs from rising too quickly in any one year.

The bill would grant a majority of the permits free in the early years of the program, to keep costs low. The Congressional Budget Office estimated that the average American household would pay an additional $175 a year in energy costs by 2020 as a result of the provision, while the poorest households would receive rebates that would lower their annual energy costs by $40.

The bill now moves to the Senate, where another hard fight is expected before the bill will finally become law. Click here for more information on Global Warming and Politics.