Some 18 Congress members have introduced a bill to the U.S. House of Representatives that aims to extend the investment and production tax credits for wind energy through 2016.
HR 5559, the Bridge to a Clean Energy Future Act, aims to renew the investment tax credit (ITC) and production tax credit (PTC) on the same terms and conditions that were in effect before the incentive programs expired at end-2013, democratic representatives Earl Blumenauer of Oregon said in a press release on Monday. Blumenauer is part of the group together with Dave Loebsack of Iowa and 16 more Congress members.
The PTC offers developers $0.023 per kWh for the first 10 years of the wind farm operation, while the ITC covers 30 percent of a wind project's initial cost.
The revival of the subsidies will provide market certainty and enhance investment in renewable energy, said Blumenauer. "Making sure these energy sources are on an even playing field with the fossil fuel industry is essential to lowering carbon emissions, creating a cleaner environment, and creating good, non-exportable American jobs," he added.