AWEA issues statement in support of US offshore wind tax credit extension

The American Wind Energy Association (AWEA) issued the following statement in support of two bills introduced in the US Senate at the end of June 2019, which would both extend the federal Investment Tax Credit (ITC) for offshore wind energy. The legislation comes at a critical time for offshore wind in America, as energy developers prepare to start construction on the first wave of large-scale projects.

“Without Congressional action, the federal Investment Tax Credit for offshore wind is set to phase out this year—just as the first wave of large-scale offshore wind projects prepare to begin construction,” said Tom Kiernan, Chief Executive Officer, American Wind Energy Association.

“At this critical moment for a new US energy industry, policy stability is more important than ever. We appreciate and strongly support proposals that would extend the Investment Tax Credit for offshore wind, jumpstarting the projected $70 billion build-out of America's offshore wind infrastructure, delivering large amounts of reliable, homegrown clean energy and tens of thousands of jobs to the U.S. economy.”

AWEA has declared its support for the two bills, which would achieve tax policy parity for offshore wind. The Offshore Wind Incentives for New Development Act introduced by Senators Markey, Whitehouse, and Congressman Jim Langevin, as well as the Incentivizing Offshore Wind Power Act introduced by Senators Carper and Collins would extend the ITC at 30% of the project’s total value for six years and eight years respectively. The biggest difference between the bills relates to how they are positioned in the tax code.

Read the article online at: https://www.energyglobal.com/wind/04072019/awea-issues-statement-in-support-of-us-offshore-wind-tax-credit-extension/