Tax policy parity with other sectors critical to meet consumer demand for clean energy
WASHINGTON–The American Wind Energy Association (AWEA) issued the following statement applauding the release of the Growing Renewable Energy and Efficiency Now (GREEN) Act by Congressman Richard Neal (D-MA), Chairman of the U.S. House Committee on Ways and Means. The legislation includes an extension of the Wind 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 expiring this year, while other energy sources have permanent tax credits.
“We commend Chairman Neal for his leadership in recognizing the value of the PTC and ITC in promoting economic growth and reducing carbon emissions. Federal tax incentives for renewable technologies like wind and solar have been an indisputable federal policy success and this legislation will extend tax credits for onshore and offshore wind energy, putting the industry a step closer to tax policy parity with other energy sources” said Tom Kiernan, CEO of 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. 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 HR 4887 by Rep. Pascrell (D-NJ). 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.”