A new bill calls for extending the Production Tax Credit (PTC) and allowing Americans to invest in developing clean energy and energy efficient technology across the country.

If passed, the Clean Energy Victory Bond Act of 2012 would extend the PTC - a federal incentive, which is set to expire this year -  for up to a decade. It also would grant Americans the right to purchase Clean Energy Victory Bonds (CEVB), which would help fund federal projects aimed at developing renewable energy.

CEVBs are U.S. Treasury bonds used to finance energy efficient technology in the country. CleanEnergyVicotoryBonds.org reports CEVBs could create 1.7 million jobs in the United States and secure domestic energy while decreasing reliance on foreign oil.

China invests $12 billion a month into clean energy, the website reports. CEVBs would help the United States stay globally competitive in the clean technology industry and help move the country toward a greener economy.

Victory Bonds were used during World War II, and some 85 billion Americans purchased the federal bonds to help restore the U.S. economy. The initiative helped to raise $185 billion, which would be the equivalent today of $2 trillion.

The legislation was introduced by Representative Bob Filner of California and is cosponsored by 10 non-profits and institutions, including Green America.