Dive Summary:
- PTCs offset the high cost of construction for renewable energy structures, making them important for the development of energy-generating facilities.
- The committee’s decision means that eligible renewable energy facilities will qualify for PTCs at the start of their construction.
- Bob Cleaves, president and CEO of Biomass Power Association, said that the Senate Finance Committee’s decision will “attract private investors to support the building of new plants,” thus ensuring “that renewable energy sources continue to produce a growing share of electricity for our nation.”
From the article:
Leaders of four renewable energy trade associations today commended a last-minute vote by the Senate Finance Committee yesterday afternoon to extend and enhance production tax credits (PTCs) for all renewable energy sources.
The tax credits are essential for the development of clean energy-generating facilities by offsetting the high cost of construction. Yesterday’s action by the Committee will give renewable baseload technologies equitable access to this important program by allowing eligible facilities to qualify for the tax credits when construction is commenced. ...
