USA: Delaware Congressional Delegation Introduces Incentivizing Offshore Wind Power Act
Posted on Mar 3rd, 2013
Sens. Tom Carper and Chris #$%$ and Rep. John Carney (all D-Del.) introduced the Incentivizing Offshore Wind Power Act to provide critical financial incentives for investment in offshore wind energy. This legislation would provide the offshore wind industry with enhanced stability by extending investment tax credits for the first 3,000 Megawatts of offshore wind facilities placed into service, which is an estimate of 600 wind turbines.
These tax credits are vital for this new clean energy technology because of the longer lead time for the permitting and construction of offshore wind turbines, compared to onshore wind energy. Once awarded a tax credit, companies would have five years to install the offshore wind facility. Companies would not be able to receive other production or investment tax credits in addition to the offshore wind investment tax credit.
“Developing wind energy off our nation’s shores, especially in places like Delaware, is a critical part of boosting American energy independence and jumpstarting our clean energy economy,” said Senator Carper. “Offshore wind is a true ‘win-win-win’ – it is cleaner for our environment, reduces our dependence on fossil fuels and foreign energy, and helps create jobs. If we want to harness this untapped, domestic energy source, providing investment tax incentives for our country’s first offshore wind projects is essential. Our bill would do just that. Additionally, it would help spur an industry that can be an engine for new, good-paying jobs in manufacturing, construction, maintenance and production. I look forward to working with my colleagues to pass this legislation and encourage the growth of the American offshore wind industry.”
“Wind energy generated off our shores has the potential to strengthen domestic energy production, lower energy costs, and create jobs,”...