A group representing US governors has called on Congress to approve a medium-term extension of federal tax credits for renewable energy and to include investment in the first 3GW of offshore wind installations.
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April 10, 2012
The production tax credit (PTC) is available for utility-scale wind farms placed in service this year, and for other renewable energy projects that come online prior to 1 January 2014. A 30% investment tax credit (ITC) for geothermal expires at the end of next year, and for small wind and solar facilities on 31 December 2016.
Congress in 2009 passed a similar ITC for offshore wind projects applicable if construction began by 31 December this year. Developers have been unable to use it due to a lengthy and uncertain permitting process that the Interior Department has sought to streamline and clarify…