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Renewable Energy News Briefs - May 2022

Legislation introduced in March in the Massachusetts House of Representatives would create a state renewable energy investment tax credit (ITC) of up to 50% for capital investment in large offshore wind facilities. H.B. 4524 would create the state ITC for offshore wind facilities that cost at least $50 million and employ at least 200 new full-time employees by their fifth year. The state credit would be taken across five years and the annual statewide cap for the offshore wind credits would be $50 million.

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The U.S. energy storage market surged in the fourth quarter of 2021, according to a joint report issued March 24 from Wood Mackenzie and the American Clean Power Association. New system installations totaled 4,727 megawatt (MW) hours, eclipsing the capacity installed during the first three quarters of 2021 combined. Grid-scale market storage nearly tripled to 3 gigawatts. Residential storage also had its strongest quarter yet, with 123 MW installed.

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More than 100 manufacturers and producers sent a letter March 30 to numerous elected officials in Washington, including President Joe Biden, encouraging support for long-term clean energy tax incentives in federal budget reconciliation legislation. The signatories wrote that the nation “has the tools and natural resources to manufacture the equipment needed to produce energy and meet the nation’s carbon reduction commitments.” The letter states that tax provisions would help domestic production and manufacturing to give the United States a leg up in the clean energy market.

Journal Category:

Renewable Energy Tax Credits

Authors:

Novogradac

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