U.S. Rep. Richard Neal, D-Mass., has introduced the Growing Renewable Energy and Efficiency Now (GREEN) Act, which includes an extension of the wind power production tax credit (PTC) at 60% for five years and extends the offshore wind investment tax credit (ITC) for five years.
The wind energy tax credit is set to expire this year.
“We commend Chairman Neal for his leadership in recognizing the value of the PTC and ITC in promoting economic growth and reducing carbon emissions,” says Tom Kiernan, CEO of the American Wind Energy Association (AWEA).
“The market has changed significantly since 2015 – national carbon policy hasn’t materialized, and we have new tariffs significantly raising the cost of wind energy and U.S. manufacturing,” he adds. “While we support the bill, offshore wind is an emerging industry at a critical juncture, and we would like to see longer-term support for its development, similar to the ITC extension through 2026 as prescribed in H.R. 4887 by Rep. Pascrell.
“The GREEN Act provide a step towards tax policy parity to cost-effectively meet strong consumer demand for clean energy. We look forward to working with Chairman Neal and the House in passing this important legislation.”