Senators Introduce Offshore Wind Legislation

Wednesday, 10 August 2011 15:54

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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.

View Full Article at North American Wind Power