The U.S. Senate Finance Committee approved an updated package of energy tax incentives, which contains a five- year extension of the tax credit for the production of electricity from wind, geothermal, biomass and other renewable energy resources, Renewable Energy Access reports.

It also extends the investment tax credit for business investments in solar, fuel cells and microturbine technology for an additional eight years. For homeowners, it extends tax credits for six years, through 2014, that help defray the cost of shifting to solar electric, solar water heating and fuel cell technologies. And it creates a new tax credit for residents using wind technology.

Finance Committee Chairman Max Baucus (D-Mont.) is expected to offer the tax package this week as an amendment to the energy bill currently on the Senate floor.