Hostage: Clock ticking for wind energy tax credit

Let our fossil fuels go or the wind industry doesn’t get it in the wallet.

Climatewire reports,

Failing to extend the federal production tax credit, a financial mechanism meant to leverage renewable energy industries, would be a disaster for wind energy producers, industry leaders said Tuesday.

Moreover, because of the relatively long business cycle required to secure permits, order materials and manufacture components used to build wind turbines, it is imperative that Congress act immediately, and not in the eleventh hour before the credit expires, they said…

Although the tax credit does not expire until Dec. 31, the window for legislative action is narrowing. The research firm Navigant Consulting predicts that wind energy companies will begin downsizing this month and accelerate the process every month until a measure extending the credit is passed.

If the credit is not extended, Navigant predicts that the industry will see a loss of 37,000 U.S. jobs and a two-thirds drop in private investment.

A bill introduced recently by Rep. Dave Reichert (R-Wash.) and Rep. Earl Blumenauer (D-Ore.) would grant a four-year extension to the existing tax credit. Some industry leaders believe that would give wind the leeway it needs to reach grid parity with conventional energy sources.

We support taking wind hostage to stop the Obama war against fossil fuels.

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