Senators Introduce Offshore Wind Legislation

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Article by North American Wind Power.

Sens. Tom Carper, D-Del., and Olympia Snowe, R-Maine, have introduced legislation to provide financial incentives for investment in offshore wind energy. Co-sponsors of the bill include Sens. Robert Menendez, D-N.J.; Susan Collins, R-Maine; Chris Coons, D-Del.; Sheldon Whitehouse, D-R.I.; and Sherrod Brown, D-Ohio.

The proposed Incentivizing Offshore Wind Power Act will provide the offshore wind industry with enhanced stability by extending investment tax credits (ITCs) for the first 3 GW of offshore wind facilities - which is an estimated 600 wind turbines - placed into service.

Once awarded a tax credit, companies have five years to install the offshore wind facility. Companies cannot receive other tax credits in addition to the offshore wind ITC.

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