The American Wind Energy Association (AWEA) has issued a legislative alert encouraging people to contact their members of Congress in order to extend the production tax credit (PTC) for wind energy.
The wind energy industry has the potential to be a key driver for economic recovery, says AWEA. More than 50 new or expanded wind industry manufacturing facilities have been announced or opened since January 2007, creating thousands of high-paying jobs, according to the organization.
However, the economic downturn and its impact on credit markets and profitability in the investment community now threaten to sharply reduce investments in wind energy facilities in 2009 and reverse the recent trend of very strong growth.
AWEA states that in order to get through this temporary downturn, the key federal incentives for renewable energy – the PTC and the accelerated depreciation association with wind farms – need to be restructured so that they work when few investors are making profits and have little need for tax credits.
For more information, visit awea.org.
SOURCE: American Wind Energy Association