Statement: Multi-year Extension of Production and Investment Tax Credits
Policy certainty is welcome news for Midwest wind and solar developers
ST. PAUL, MINN. (December 16, 2015) - Yesterday, Congress signaled there is an agreement to extend the wind energy Production Tax Credit (PTC) at its current 2.3 cents per kilowatt-hour rate for two years with a three-year phased down until it expires in 2020. Congress also extended the 30 percent solar Investment Tax Credit (ITC) and a credit for solar-powered energy efficient properties for three years before phasing it down the final two years.
Following this announcement, Wind on the Wires Executive Director Beth Soholt said:
"Congress has done the right thing by extending the Production Tax Credit for wind and the Investment Tax Credit for solar. This extension gives these renewable energy industries the certainty they need to plan for the future and mitigates the boom-bust cycles that are so very detrimental.
"Since we have terrific wind resources in this part of the country, the Midwest will most certainly be a big beneficiary of the PTC. The ITC will help the emerging solar market in the Midwest complete projects in the pipeline and plan for the future. Our wind and solar developers are poised to take advantage of this policy certainty and are ready to help states meet their Clean Power Plan goals. The Midwest will also see enormous job creation and economic development from wind and solar projects.
"As the 'wind bread-basket,' our region can provide cost-effective wind energy that can be exported to other parts of the country where resources are not as abundant."
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About Wind on the Wires
Wind on the Wires is a 501(c)(3) nonprofit organization based in St. Paul, Minn., which is comprised of wind and solar developers, environmental organizations, tribal representatives, public interest groups, clean energy advocates, farm groups and businesses providing goods and services to the renewable energy industries.