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Page added on July 13, 2012
Why Tax Credits Are Critical to the Wind for Growth
Today, Department of Energy Secretary Steven Chu visited Ingeteam, a wind and solar equipment manufacturer in Milwaukee. The visit showcased the company’s recent $21 million expansion and the 275 jobs the company has created or plans to add by 2015. It also indirectly demonstrated the growing wind energy industry in the state of Wisconsin (see more at NRDC’s renewable energy map)
Just as importantly, the visit highlighted the importance of the $1.66 million Advanced Manufacturing Tax Credit awarded to Ingeteam for the new facility, as well as the Production Tax Credit (PTC), and the instrumental role it plays in the U.S. wind industry and maintaining its 75,000 jobs.
In Washington, Congress is about to take up whether or not to extent the Production Tax Credit that’s vital to keeping companies like Ingeteam and the entire wind industry moving forward and closer to market competitiveness with the fossil fuel energy industry that has been subsidized for decades.
A bipartisan group of policymakers is seeking to extend the PTC, but their efforts have yet to gain critical mass. These tax credits have helped drive billions of dollars in investment and helped create or sustain tens of thousands of American jobs.
Navigant Consulting forecasts that 37,000 U.S. jobs will be lost if Congress fails to renew the PTC. Secretary Chu recognizes the importance of maintaining these jobs in our tough economic climate. If Congress fails to act, we will cede these jobs overseas, backtracking on our recent progress. Why would America choose cede these markets to China when we can capture them here?
On the other hand, extending the PTC through 2016 would support 95,000 jobs, and drive $16.3 billion worth of investment, while helping companies like Ingeteam continue hiring workers and manufacturing renewable energy components. Ingeteam, which makes electrical equipment for renewable energy systems, is a unique company, but it is part of a growing number of clean, renewable energy companies jump-starting economic growth and creating jobs across America. It is one of nearly 500 companies manufacturing parts for the wind industry in the United States employing 75,000 workers nationwide.
Chu’s visit underscores the importance of this industry to develop and deploy solutions to harness our clean, renewable energy resources, create jobs, and tap into some of America’s greatest assets: our ingenuity and innovation.
7 Comments on "Why Tax Credits Are Critical to the Wind for Growth"
DC on Fri, 13th Jul 2012 6:11 pm
As much as I support, well…support for clean(er) energy, amerikas approach to this issue is as usual, bizzare. The idea here is, fossil-fuel is subsidized, so in order to make green-energy ‘work’, we need subsidies too. What of of course, no one mentions, is, all wind needs to be able to compete with FF energy, is for the current FF subsidies to be removed. FF would be clear losers if all the props keeping it so ‘cheap’ were removed. There all there is too it. You get clean energy, AND save money. Probably wouldnt even need a carbon tax. But of course, this is amerika, land of corporate welfare, so the only ‘solution’ to the indebted amerikan empire here, is to raise the subsidies in wind to match those of FFs.
Its the only fair-free market solution right?
KEnz300 on Sat, 14th Jul 2012 12:10 am
The Republican party is supported by the oil and coal industries. They are doing all they can to limit any competition for oil and coal. Even energy efficiency programs are not support by Republicans because that might reduce demand for oil and coal.
Norm on Sat, 14th Jul 2012 12:32 am
We should have more hamsters. If every man woman & child, was required to have a hamster in a cage, on a wheel, the resulting energy at 80% conversion efficiency would be 8.53 Terawatts or enough to power half the West Coast. Vote for candidates that support my hamsters-for-energy program.
BillT on Sat, 14th Jul 2012 12:55 am
The Us is a joke. The government has meddled in everything it can for so long, there is no chance of change until it all collapses under it’s own debt. The fight for the last Charmin dollar will take down the Empire just as it took down Rome and all the other empires of history. Greed rules! Until it doesn’t…
Paulz on Sat, 14th Jul 2012 2:56 am
Subsidies or not wind energy does little or nothing to meet our energy needs unless we litter the landscape with a rediculous number of turbines and revamp the entire grid system to maintain a proper base load. Both of which would require astronomical cost and use of fossil fuel.
Johny K. on Sat, 14th Jul 2012 5:43 pm
Even when oil consts 100 dollars a barrel, wind still needs subsidies to be competitive.
Wind will not save America from economic crash. Wind is too much expensive.
Kenz300 on Mon, 16th Jul 2012 12:06 pm
The cost of wind and solar keep dropping while the price of oil, coal and nuclear are rising.