Wind Energy Credit Extended in Fiscal Cliff Deal
Posted at: 01/02/2013 8:54 AM
| Updated at: 01/02/2013 8:56 AM
WASHINGTON, D.C., January 1, 2013 – Congress has included the long-sought extension of wind energy tax credits in final passage of a bill to avert the "fiscal cliff" that now moves to President Obama for his expected signature.
America's 75,000 workers in wind energy are celebrating over the continuation of policies expected to save up to 37,000 jobs and create far more over time, and to revive business at nearly 500 manufacturing facilities across the country.
The extension of the wind energy Production Tax Credit (PTC), and Investment Tax Credits for community and offshore projects, will allow continued growth of the energy source that installed the most new electrical generating capacity in America last year, with factories or wind farms in all 50 states.
The version included in the deal would cover all wind projects that start construction in 2013.
Companies that manufacture wind turbines and install them sought that definition to allow for the 18-24 months it takes to develop a new wind farm.
Wind set a new record in 2012 by installing 44 percent of all new electrical generating capacity in America, according to the Energy Information Administration, leading the electric sector compared with 30 percent for natural gas, and lesser amounts for coal and other sources.
However, America's wind energy workers have been living under threat of the PTC's expiration for over a year and layoffs had already begun, as companies idled factories because of a lack of orders for 2013.