Washington D.C. – June 25, 2020 – The American Wind Energy Association (AWEA) today issued the following statement applauding the release of the Growing Renewable Energy and Efficiency Now (GREEN) Act by Congressman Mike Thompson (D-CA), Chairman of the Ways and Means Committee Subcommittee on Select Revenue Measures, and Congressman Richard Neal (D-MA), Chairman of the U.S. House Committee on Ways and Means.
The legislation includes an extension of the current Renewable Energy Production Tax Credit (PTC) and Investment Tax Credit (ITC) for five years for onshore and offshore wind energy. The bill also allows for direct payment worth 85 percent of the credit values, in order to help companies utilize the credits. The wind energy tax credit is expiring at the end of 2020, while other energy sources have permanent tax credits.
“Thank you, Chairman Thompson and Chairman Neal, for recognizing the key role that wind and other domestic renewable energy industries play in economic development, especially during these challenging times for our country’s economy. Federal incentives for renewable energy sources have proven their value, helping our country usher in millions of dollars in economic investments and reach over 120,000 jobs in the onshore wind industry alone. This legislation continues these successful policies and helps unlock the full economic and environmental potential of the American wind industry. Timing is crucial here to provide needed support for the wind industry as we work to overcome the significant challenges caused by COVID-19. Providing direct payment for the tax credits is especially important in helping the industry mitigate these difficulties. With quick action, the onshore wind industry looks to build on its 50-state footprint of job creation and economic development and the offshore wind industry stands ready to deliver another 83,000 jobs and $25 billion of annual economic output within the next decade. We look forward to working with Chairman Thompson, Chairman Neal, and the House in passing this important legislation.” – Tom Kiernan, AWEA CEO.