Raleigh, NC – 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 will now be available for wind power projects that start construction over the next year, allowing for continued growth of North Carolina and American wind power.
Environment North Carolina’s Dave Rogers released the following statement:
"President Obama and clean energy champions including Senator Hagan and Representative Price helped make this a happy holiday for our health and our environment by extending critical tax credits for wind energy.
“North Carolina has more potential for offshore wind than any other Atlantic state. Extending these tax credits was critical if North Carolina is to become a national leader in offshore wind. We now can focus on making the first wind farms off our coast a reality.
“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.”