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The US Senate Passed a Bill Which Will Prolong The ITC for Offshore Wind Energy

The American Wind Energy Association (AWEA) stated support of two bills launched within the US Senate this week, which might each prolong the federal Investment Tax Credit (ITC) for offshore wind energy.

The laws come at a crucial time for offshore wind in America, as energy developers braced to start the construction on the first wave of largescale projects.

The Offshore Wind Incentives for the New Development Act proposed by Senators Markey (D-MA), Whitehouse (D-RI), and Congressman Jim Langevin (RI-02), in addition to the Incentivizing Offshore Wind Power Act launched by Senators Carper (D-DE) and Collins (R-ME) would prolong the federal Investment Tax Credit (ITC) at 30 % of the mission’s total value for 6 years and 8 years respectively.

Without Congressional action, the ITC for offshore wind is about to section out this year—only as of the first wave of enormous-scale marine wind initiatives put together to start construction, stated Tom Kiernan, CEO, American Wind Energy Association.

Baltimore-primarily based offshore wind developer US Wind Inc. is also hailing the introduction of federal laws launched within the US House of Representatives and US Senate that would prolong tax credits set to run out this year for offshore wind development.

US Wind’s Maryland project, anticipated to be operational throughout 2023, will contain the installation of up to 32 wind turbines, approximately 17 miles off the coast of Ocean City – that can finally produce 268 megawatts of offshore wind energy, a quantity enough to offer 76,000 Maryland houses with clean, renewable energy.

It’s anticipation that the US Wind undertaking will consequence within the creation of roughly 7,000 direct and oblique jobs and symbolize an in-state investment of almost $1.5 billion.

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