Recovery Act Spurs $4 Billion in Wind Power Projects
Source: Reuters, Susan Kraemer (11/22/09)
"The new legislation is also designed to encourage immediate reinvestment of renewable energy profits"
This year alone Horizon Wind Energy installed $1.5 billion worth of wind power, adding 800 megawatts of clean energy to the grid to bring its US total to more than 2,500 MW in 21 states.
Current legislation does extend the investment tax credit (ITC) available to wind developers; until 2012.
In February the Obama administration not only extended the ITC until 2012, but allowed wind developers to also benefit from a 30% production tax credit available to homeowners and businesses that encourages development of any form of renewable energy.
To help companies hard-hit by the downturn; the 30% tax credit legislation was modified under the Recovery Act to be made available as a cash grant within 60 days if a business had no profit to take a tax credit against.
The cash grants, that began with these awards in September, also encourage investors by providing secure returns.
The new legislation is also designed to encourage immediate reinvestment of renewable energy profits, so manufacturing for the nacelles, blades and other parts must be done here in the U.S. to qualify.
Investment in wind power creates thousands of installation, maintenance and manufacturing jobs as well as some you might not have thought of like asking farmers if they want to host wind turbines.