France derives about 17% of its electricity from recycled nuclear fuel. The U.S. has mistakenly passed on making use of its own. Our current pile of spent fuel rods contains enough energy to power the nation’s electric grid for about 100 years, according to a projection from nuclear researcher Jess Gehin at Idaho National Laboratory, as reported by CNBC.

Enter new small modular nuclear-reactor technology, which could be a game-changer in repurposing nuclear waste. This technology burns spent fuel in fast, high-temperature reactors, while requiring refueling only every nine years or so, lowering power-plant downtime. This approach would substantially reduce the volume of stored waste and the time that waste would have to sit in storage.

Congress is getting wise to the issue. The House on Feb. 28 passed the Atomic Energy Advancement Act, co-sponsored by Reps. Jeff Duncan (R., S.C.) and Diana DeGette (D., Colo.). The bill would expedite the approval process for the next generation of nuclear power plants and change how the U.S. processes nuclear waste. It would also offer a financial incentive for the first licensed project using recycled fuel. The Senate has put forward a similar bill: the Advance Act of 2023, co-sponsored by Sens. Tom Carper (D., Del.) and Shelley Moore Capito (R., W.Va.).

These bills reflect an important reality: Nuclear waste is waste only if we don’t reuse it; otherwise, it’s unspent nuclear fuel with great potential.

According to the Energy Department, the U.S. derives 19% of its base-load electricity from an aging fleet of 92 nuclear reactors, whose service life may extend only another 20 years. In the past 30 years, only two new reactors have come online. Intermittent wind and solar power can’t scale and won’t be able to fill the void when the reactors are spent. Other than expanding fossil-fuel power plants, the only viable alternative is the rapid development of new small modular nuclear reactors.

The House and Senate bills offer special incentives for project developers to install new small modular nuclear-reactor technologies at existing or retired nuclear sites—which have trained personnel and distribution infrastructure for connection to the electric grid—and on brownfield land. We suggest installing these technologies at military bases, which also need microgrids to enhance resiliency and readiness.

The U.S. lags far behind its global competitors in nuclear energy. Along with our aging fleet, we have an aging workforce that will retire soon. We predict that the potential for new reactors will draw a new generation of skilled workers into the industry. The Atomic Energy Advancement Act and the Advance Act are positive but insufficient steps forward. To accelerate development in the next decade, we will need more funding along with a multiyear, multiagency commitment—akin to what it took to put men on the moon.

We suggest that Congress also pass legislation enabling dollars from the existing Nuclear Waste Fund to be repurposed for recycling. The U.S. government ought to prioritize nuclear power using spent fuel, which will prove essential to preserving our way of life, building a clean-energy future and ensuring our future prosperity.

This commentary was first published at Wall Street Journal on March 29, 2024. (Please note that that article requires a subscription to access.)

Mr. Stevenson is director of the Caesar Rodney Institute’s Center for Energy and Environment. Mr. Bauman is the president and CEO of Trusted Systems Inc. and a member of the CO2 Coalition.