Environment and Energy

January 15, 2020
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.


