Bailout Bill Extends Production Tax Credit
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by Kevin Maddaford on 11/10/2008
The $700 billion financial bailout bill includes an extension of the PTC for renewable energy.
With the passage of the Emergency Economic Stabilization Act of 2008 (H.R. 1424), the $700 billion package intended to shore up the ailing financial industry, the Production Tax Credit (PTC) and Investment Tax Credit (ITC) for the renewable energy industries received much-needed extensions.
These credits promote increased use of renewable energy by providing economic incentives to develop clean technology projects. The PTC, which received a one-year extension, provides a credit to wind farms and other large-scale clean energy projects, while the ITC, which received an eight-year extension, provides credits for residential and commercial solar photovoltaic projects, as well as small-scale (i.e. <100 kilowatt) wind turbines.
The pending expiration of the PTC at the end of 2008 had stalled wind energy developments in the U.S., as investors waited to see how the financing of their projects would be affected in 2009. In the years following the expiration of the PTC in the past, development slowed dramatically, only to see strong growth once the credit was reinstated. With the inclusion of the credits in this bill, the U.S. wind industry looks to build on the successes of 2007, in which 45% more capacity was added. >>Read full article.