inneapolis – Today, President Obama will sign into law a bill that extends key tax credits for wind power and averts the ‘fiscal cliff.’ The main federal incentives for wind power – the renewable energy Production Tax Credit (PTC) and the offshore wind Investment Tax Credit (ITC) – expired on December 31, 2012, but with today’s new law the tax credits will be available for wind power projects that start construction over the next year, allowing for continued growth of wind power in Minnesota and across the country.
Environment Minnesota’s Michelle Hesterberg released the following statement:
"President Obama and clean energy champions, including Senators Amy Klobuchar and Al Franken and Representatives Betty McCollum, Keith Ellison, and Tim Walz, helped make this a happy holiday for our health and our environment by extending critical tax credits for wind energy.
“Wind powers nearly 13 million homes across the country already, and in Minnesota wind power avoids as much global warming pollution as taking 757,000 cars off the road each year. Our current national wind energy capacity also reduces air pollution by avoiding 137,000 pounds of smog-forming emissions and 91,000 pounds of soot-forming emissions every year.
“We applaud our leaders for recognizing these tremendous benefits to our health and environment and for acting to ensure the continued development of pollution-free wind energy.”
Environment Minnesota is a statewide, citizen-based, environmental advocacy organization working toward a cleaner, greener, healthier future.