HISTORIC TAX CREDIT EXTENSIONS FOR WIND, SOLAR?

Congress strikes deal to extend wind, solar tax credits and lift oil export ban

Gavin Bade, December 16, 2015 (Utility Dive)

“House Republicans unveiled a broad spending and tax legislation package…[The tax extenders legislation] includes multi-year extensions for [for wind energy's $0.023/kWh production tax credit (PTC) and solar energy’s 30% federal investment tax credit (ITC) and lifts] the 40-year-old ban on crude oil exports from the U.S…[If passed, the would extend the wind PTC] through 2020 and would decline in value each year after December 2016 until it is phased out entirely. The solar ITC would be drawn down gradually through 2022…

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“…[The] legislation was paired with a $1.1 trillion spending bill to fund the government through September 2016…When Congress failed to extend the wind PTC in 2013, development fell 92% and 30,000 wind industry jobs were lost. The 2014 restoration brought back 23,000 jobs…Bloomberg New Energy Finance estimates that [solar] deployment would amount to 73 GW by 2022 without the ITC, but a five-year extension would result in 95 GW of installed capacity in that period…” click here for more

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