The wind production tax credit (PTC) was scheduled to phase out completely by the end of 2019, but in a late change to a year-end tax package, the PTC has been extended through the end of 2020. Wind developers now have an extra year to begin projects in order to receive at least 40% of the original tax credit.
Although a slight win for the wind industry, the solar and storage industries did not receive extended credits. Gregory Wetstone, president and CEO of the American Council on Renewable Energy (ACORE), released a pointed response.
“The recently announced extenders agreement is a squandered opportunity. While ACORE supports the modest extensions in the package, they will do little for renewable growth and next to nothing to address climate change,” he said. “Given bipartisan support for tax incentives for energy storage, offshore wind, electric vehicles and other critical clean energy priorities, this outcome is deeply disappointing. This is not the time to be kicking the climate can down the road. If we’re going to have any chance at reducing greenhouse gas emissions to the level that scientists say is necessary, we need smart policies to accelerate the ongoing transition to a renewable energy economy and a modernized, 21st century grid.”