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    Environment and Energy

    Wind Energy Tax Credits Benefit Industry and Ports

    Written by Sandy Williams


    The wind energy industry received a boost from a U.S. spending bill approved in December. The bill extends energy tax credits for wind, solar and other green energy projects to 2024. Due to the extension, IHS Markit is now expecting a boom rather than a decline for the industry in 2020.

    The extension increased the tax credits for wind energy developers who begin projects or spend 5 percent of project costs in 2020 and come online by 2024. The production tax credit jumped from 40 percent to 60 percent of the 10-year, $25 per megawatt hour cost. The alternative discounted investment tax credit (ITC) was increased to 18 percent from 12 percent.

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