Renewables, Wind

U.S. Senators Propose Offshore Wind Tax Credits

By Editors of Power Engineering

Two U.S. Senators, one Democratic and one Republican, have introduced a bill that would create investment tax credits for offshore wind facilities, North American Windpower reported.

The bill, introduced by Susan Collins, R-Maine and Tom Carper, D-Delaware would cover the first three GW of offshore wind facilities. The senators say current tax credits have been a “lifeline to the nascent offshore industry.”

“By giving private-sector companies the certainty they need, our legislation will help accelerate the development of this promising industry in America and create a new, sustainable source of domestic power,” said Collins.

The bill covers wind facilities that could be established in coastal waters as well as large inland bodies. The Treasury will make the final decision on awarding credits, though the secretary of the Treasury is required to consult with the secretaries of the Departments of Energy and Interior.

Additionally, companies cannot receive any other production or investment tax credits if they already receive the proposed wind investment tax credits.