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U.S. spending bill holds win for wind energy, setback for solar  

Credit:  Reporting by Richard Valdmanis | Reuters | December 17, 2019 | www.reuters.com ~~

U.S. clean energy producers would get only some of what they hoped for under a massive U.S. spending bill unveiled late Monday, with wind developers getting more time to land a big subsidy and solar developers losing their bid to extend a key investment credit.

Under the bill, wind energy projects would be able to qualify for a 30% Investment Tax Credit if they start construction by Jan. 1, 2021 – as opposed to current law requiring them to break ground by Jan. 1, 2020 to get the credit, according to the amendment. [NWW note [updated]: Eligibility for both the Investment Tax Credit and the Production Tax Credit (one can claim only one of them, of course) was extended for 1 year. Furthermore, those who claim in 2020 will enjoy the 2018 value.]

Capital Alpha Partners, a political and financial consultancy, said the amendment could benefit European power company Iberdrola (IBE.MC), which is hoping to build America’s first big offshore wind farm – Vineyard Wind – but is dealing with federal permitting delays.

Meanwhile, the bill would preserve a planned reduction scheduled to begin next year in an investment tax credit for solar companies, a setback for solar companies that had been lobbying hard for an extension.

Source:  Reporting by Richard Valdmanis | Reuters | December 17, 2019 | www.reuters.com

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

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