Washington, DC – A bill introduced this week in the U.S. House of Representatives would extend an Investment Tax Credit (ITC) for offshore wind power worth up to 30 percent of the cost of the project. The bill, H.R. 3238, was introduced by Representatives Pascrell (NJ – 8, Democrat) and LoBiondo (NJ – 2, Republican), and seeks to jump-start the offshore wind industry in America by providing the ITC for the first 3,000 megawatts of offshore wind projects. A companion bill has been introduced in the Senate, S. 1397, by Senators Carper (DE, Democrat) and Snowe (ME, Republican).
Courtney Abrams, Clean Energy Advocate for Environment America, described the importance of the bill:
“For the sake of our environment and health and the hope of building a truly clean and robust energy economy in America, we must see more clean energy, especially off our shores where so much of our potential lies, in the next few years. Representatives Pascrell and LoBiondo and Senators Carper and Snowe’s bills would extend a critical incentive to the first offshore wind projects.
“Our addiction to fossil fuels represents one of the biggest threats to our environment and public health. Untapped offshore wind potential along the Atlantic coast will play an increasingly important role in getting the region and the nation off of fossil fuels. A recent report released by Environment America and the National Wildlife Federation showed that along the Atlantic coast alone, reaching a conservative goal of 54 gigawatts of offshore wind energy, set by the Department of Energy, would reduce global warming pollution by the equivalent of taking nearly 18 million cars off the road.
“A healthy coastal environment has long been at the heart of a strong coastal economy, and offshore wind can play a huge role in protecting our environment and health while creating a vibrant economic future. We thank Representatives Pascrell and LoBiondo and Senators Carper and Snowe for their leadership in bolstering offshore wind in America.”