By Kari Williamson
“Extending this long-standing tax incentive will leverage private investment to bring proven energy projects online, bolster domestic manufacturing, and reduce electricity costs for businesses and families,” says Rep. Reichert.
“Renewable energy resources play an important and increasing role in America’s total energy supply and reducing our reliance on foreign energy resources controlled by hostile nations. The certainty this bipartisan bill will provide can further spur growth in this vital sector, increase economic development, and create jobs.”
Rep. Blumenauer. adds: “Tax credits for renewable energy development are an essential part of powering America’s clean energy future.”
H.R. 3307 would provide a four-year extension of the existing production tax credit for wind, biomass, geothermal, small irrigation, landfill gas, trash, and hydropower.
The current incentive is set to expire next year for wind and in 2013 for other renewable energy forms.
Advocates note that historically, at least 6-8 months before the tax credit expires, financial lenders hesitate in providing capital for renewable energy projects because of the uncertainty created by the pending expiration of the credit, stalling projects from coming online.
Denise Bode, CEO of the American Wind Energy Association, comments: "American wind energy jobs are something that we can all agree are vital for our economic well-being and energy security.
"The recent stability of production tax credit (PTC) has provided the foundation of wind energy's transformation of a new manufacturing sector based on American ingenuity. Over the last six years, U.S. domestic production of wind turbine components has grown 12-fold to more than 400 facilities in 43 states. Extending the PTC will keep growing U.S. wind energy manufacturing jobs, rather than losing them to other countries."