Washington, D.C. – In a mid-day announcement, President Obama said an agreement on the fiscal cliff negotiations is “within sight” and includes extensions of tax credits for clean energy companies. Critical tax credits for wind energy – the renewable energy Production Tax Credit (PTC) and the offshore wind Investment Tax Credit (ITC) – which have enjoyed bipartisan support and are crucial for the continued growth of American wind power, are set to expire today unless Congress acts. President Obama’s statement implies that these tax credits would be extended as a part of an eleventh-hour deal. Environment America’s Executive Director Margie Alt released the following statement:
“President Obama and clean energy champions in Congress are working to make this a happy holiday for our health and our environment by protecting critical tax credits for wind energy.
“In powering nearly 13 million homes across the country already, wind energy avoids as much global warming pollution as taking 13 million cars off the road each year, according to a recent Environment America Research & Policy Center report. Our current 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 we urge President Obama and Congress to continue what they’ve started and vote to ensure the continued development of pollution-free wind energy.”