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 Michigan and American wind power.
Environment Michigan’s state associate Virginia Shannon released the following statement:
“President Obama and clean energy champions including Senator Stabenow and Senator Levin helped make this a happy holiday for our health and our environment by extending critical tax credits for wind energy.
“Wind powers nearly 13 million homes across the country already, and in Michigan avoids as much global warming pollution as taking 48,000 cars off the road each year. Our current national 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 for acting to ensure the continued development of pollution-free wind energy.”