Once under threat by congressional gridlock over the fiscal cliff debate, the wind energy Production Tax Credit (PTC) and Investment Tax Credits for community and offshore projects will remain in place for another two years.
The recent tax extensions will enable the continued growth of American wind energy, which accounts for 35% of all new electric generation in the past five years, according to the American Wind Energy Association (AWEA).
While protecting these incentives impacts the wind industry, building owners will benefit from increased renewable energy generation in their utility region.
The U.S. now boasts wind farms or manufacturing facilities in all 50 states. Wind also set a new record in 2012, with 44% of all new electrical generating capacity in America, according to the Energy Information Administration, compared with 30% for natural gas and lesser amounts for coal and other sources.
The extended tax credits will cover all wind projects that start construction in 2013 and 2014. The move is also expected to save up to 37,000 jobs that would have been at stake if the incentives expired, as well as revive business at nearly 500 manufacturing facilities across the country.