Wind Power

19 Dec 2019

U.S. Spending Bill Holds Win for Wind Energy, Solar Suffers Setbacks

19 Dec 2019  by Reuters   
U.S. clean energy producers would get only some of what they hoped for under a massive U.S. spending bill unveiled late Monday, with wind developers getting more time to land a big subsidy and solar developers losing their bid to extend a key investment credit.

Under the bill, wind energy projects would be able to qualify for a 30 per cent Investment Tax Credit if they start construction by Jan. 1, 2021 - as opposed to current law requiring them to break ground by Jan. 1, 2020 to get the credit, according to the amendment.

U.S. spending bill holds win for wind energy, setback for solar

Capital Alpha Partners, a political and financial consultancy, said the amendment could benefit European power company Iberdrola, which is hoping to build America's first big offshore wind farm - Vineyard Wind - but is dealing with federal permitting delays.

Meanwhile, the bill would preserve a planned reduction scheduled to begin next year in an investment tax credit for solar companies, a setback for solar companies that had been lobbying.

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