House Members Introduce GREEN Act to Extend, Expand Renewable Energy ITC, PTC

Thursday, June 25, 2020 - 4:00pm

Rep. Mike Thompson, D-Calif., and 47 members of the House of Representative today introduced sweeping energy legislation that includes provisions that would extend and expand the renewable energy investment tax credit (ITC) and production tax credit (PTC). The Growing Renewable Energy and Efficiency Now (GREEN) Act would extend the ITC at 30 percent through 2025 before beginning a phasedown to 10 percent beginning in 2026. The bill would extend the PTC for many sources thorough the end of 2025, while the wind PTC would be preserved at its current phasedown to 60 percent in 2019 and 40 percent in 2020 before being extended at 60 percent through 2025. The legislation would exempt offshore wind facilities that elect into the ITC from reductions in the offshore wind facility phaseout. In addition to the legislation, sponsors released a summary of the bill and a section-by-section review.