New bill proposes tax credit extension for offshore wind

Prominent US politicians propose several new bills to extend tax credit subsidy schemes for solar, onshore and offshore wind. The wind sector shows various degrees of support.

Photo: Michael Dwyer/Ritzau Scanpix

"Nothing is so permanent as a temporary government program." This sardonic quote from US free market-liberal economist Milton Friedman could be construed to have contemporary relevance concerning the question of renewable energy in the US. In any case, a long series of US politicians have proposed new legislation for extending subsidies for solar and wind power.

The US wind industry is currently running red hot precisely because the PTC tax credit scheme is about to fade. In several iterations in its current form, the scheme has awarded tax credits to wind projects since 2015. Now the plan is to gradually phase out the program from the end of 2020, which has led to the current market bustle involving more than 20 GW in expected installations before the cut-off date.

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