The American Wind Energy Association (AWEA) issued a recent statement in support of two bills introduced in the U.S. Senate, which would both extend the federal Investment Tax Credit (ITC) for offshore wind energy. The legislation comes at a critical time for offshore wind in America, as energy developers prepare to start construction on the first wave of large-scale projects.
AWEA supports two bills that would achieve tax policy parity for offshore wind. The Offshore Wind Incentives for New Development Act introduced by Senators Ed Markey (D-MA), Sheldon Whitehouse (D-RI), and Rep. Jim Langevin (D-RI), as well as the Incentivizing Offshore Wind Power Act introduced by Senators Tom Carper (D-DE) and Susan Collins (R-ME) would extend the ITC at 30 percent of the project’s total value for six years and eight years respectively. The biggest difference between the bills relates to how they are positioned in the tax code.
Promoting investment in offshore wind will strengthen and diversify American energy production. With world-class resource potential off the East Coast, West Coast, and in the Great Lakes, offshore wind is well-suited to meet consumer demand for large amounts of reliable clean energy near America’s largest population centers.
There’s also a huge opportunity for U.S. supply chain businesses, including those with experience in offshore oil and gas, to construct and service offshore wind farms. According to the University of Delaware’s Special Initiative on Offshore Wind, building 18.6 GW of offshore wind capacity by 2030 would create a nearly $70 billion opportunity for businesses in the industry supply chain. And investing in offshore wind at scale will help revitalize coastal infrastructure and create thousands of high-skilled, well-paying careers for Americans.
More info awea.org