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BILL INTRODUCED TO BOOST OFFSHORE WIND ENERGY PRODUCTION

Friday, July 22, 2011 - 5:30AM

Sens. Tom Carper, D-Del., and Olympia Snowe, R-Maine, yesterday introduced S. 1397, the Incentivizing Offshore Wind Power Act, to provide financial incentives for investing in offshore wind energy. The bill would extend investment tax credits for the first 3,000 megawatts (MW) of offshore wind facilities placed in service. The senators say the credit is vital for offshore wind energy technology because there is a much longer lead time for the permitting and construction of those projects. After the tax credit is awarded, companies would have five years to install the offshore wind facility and would not be eligible to claim other production or investment tax credits. The text of S. 1397 will be posted to the Renewable Energy Legislation page as soon as it is available.

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