Chambers for Innovation and Clean Energy – a clean energy network and information hub for local chambers of commerce – has joined the push for an extension of the wind energy production tax credit (PTC).
The organization, which includes 240 local chambers from 47 states, wrote to Congress to emphasize the ramifications of failing to renew the incentive. Allowing the PTC to expire, they said, would hurt local economies, send jobs and capital elsewhere, and risk ceding the U.S.' clean energy leadership to other countries.
‘The PTC has enabled the industry to slash wind energy costs – 90% since 1980 – a major reason why wind energy accounts for 35% of new power capacity installed in the last four years,’ they wrote. "Wind power reduces electricity prices for consumers, which are set by the operating costs of power plants, i.e. fuel prices.
"Wind is free and, once installed, places downward pressure on electricity prices," they continued. "Wind energy limits business risk from fuel price increases – the price of wind will always be zero, making it an ideal low-cost hedge against the ever-present and uncontrollable price volatility of traditional fuels."
The full letter can be viewed here.