(Washington, D.C. – June 26, 2019) Today, Senators Tom Carper (D-DE) and Susan Collins (R-ME) introduced the Incentivizing Offshore Wind Power Act to extend an investment tax credit for offshore wind facilities for at least seven years.
“This bill provides policy and investment certainty for the offshore wind industry,” said Elizabeth Gore, EDF’s Senior Vice President for Political Affairs. “Offshore wind is still a young industry in the United States, but it has enormous potential to provide clean, renewable, and reliable energy to some of the most populous areas of the country.”
The offshore wind investment tax credit is set to expire at the end of this year. This bill would extend the credit for projects that start construction by 2026 or by the year after the U.S. has installed 3,000 megawatts of new capacity – whichever is later.
While EDF welcomes introduction of this bill, it also calls on Congress to extend tax incentives for other key clean energy technologies, including energy storage and electric vehicles.
“Congress has a chance to unlock private sector investments in clean energy,” said Gore. “We urge Congress to seize the opportunity to make meaningful climate progress now.”
# # #
Environmental Defense Fund (edf.org), a leading international nonprofit organization, creates transformational solutions to the most serious environmental problems. EDF links science, economics, law and innovative private-sector partnerships. Connect with us on EDF Voices, Twitter and Facebook.