‘Fiscal cliff’ deal gives wind industry a lifeline
SAN JOSE, Calif. – The wind industry spent most of 2012 begging Congress to extend the production tax credit for utility-scale wind turbines.
Now the industry is breathing a sigh of relief: As part of the tax package passed in the down-to-the-wire drama surrounding the “fiscal cliff,” Congress extended the 2.2 cent per kilowatt tax credit for one more year.
Previously, the PTC, or production tax credit, applied only to wind projects that were fully built and producing electricity. Now it goes to any wind farm that is “under construction” by the end of 2013. The one-year extension is seen as critical to make the wind industry cost-competitive with solar and natural gas.
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