On February 1st, 2008, the Senate Finance Committee included measures to extend the Production Tax Credit (PTC) for renewable energy through the end of 2009. Under the committee’s bill, wind companies would receive a tax credit, currently 2 cents per kilowatt-hour of electricity generated, for each new wind turbine that goes into operation through 2009. This is part of an economic stimulus package, originally proposed by President Bush, and if this portion of the bill does not pass through Congress, the PTC could expire in December of 2008.

The PTC is important to the industry, because investors and utilities rely significantly on the PTC to make returns on their investment and to meet their goals. Extension of the PTC will stabilize investment and help to ensure continued growth of wind facilities.

The PTC is also needed to protect tens of thousands of U.S. manufacturing and construction jobs and to create tens of thousands more, keeping investment flowing into one of the fastest-growing industries in the world.

A vote on this bill could occur by mid February.

Read more stories from the Winter 2008 newsletter