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Renewable Energy Tax Credit News Briefs – May 2018

New Jersey state Rep. John McKeon and state Sen. Bob Smith introduced A3273 and S3723, respectively March 14. The bills establish and modify clean-energy-efficiency programs and modify New Jersey’s solar renewable energy portfolio standards. The bills would stabilize the solar market through 2021 by increasing the renewable portfolio standard target for solar and enabling a community solar program, which will ensure that 100 percent of residents have access to solar energy. The program will give consideration to residential customers, especially in multifamily buildings, and low-to-moderate income customers. The Solar Energy Industries Association in a press release voiced support for the legislation to grow New Jersey’s renewable development, maintain more than 7,100 solar industry jobs and expand the benefits of clean energy to more residents.

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Gov. Andrew M. Cuomo announced March 9 his formal request for New York’s exclusion from the new five-year National Outer Continental Shelf Oil and Gas Leasing program, the federal offshore drilling program. In January, the Outer Continental Shelf Oil and Gas program was unveiled. The program would make more than 90 percent of the offshore acreage in the United States available to oil and gas drilling. In addition, Cuomo announced $1.4 billion in awards for 26 large-scale renewable energy projects throughout New York. The projects would create 3,000 jobs and generate more than $3 billion in direct investment.

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Allete Clean Energy will build, own and operate an 80-megawatt (MW) South Peak wind farm near Great Falls, Mont. A 15-year power purchase agreement was signed by NorthWestern Energy to purchase clean electricity generated from the wind farm. The wind facility is scheduled to begin operations late 2019. In order to qualify for federal renewable energy production tax credits, Allete Clean Energy will use a share of wind turbines, purchased in 2016, that meet the standards for the tax credit safe harbor provision. Allete also has plans to build, own and operate a 106MW wind farm in Morton and Mercer counties in North Dakota, as well as the Thunder Spirit II wind farm expansion near Hettinger, N.D. Construction on both of these wind farms is expected to start in 2018.

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Key Equipment Finance, an affiliate of KeyCorp, announced $5.1 million in investment tax credit financing March 26 to Dynamic Energy Solutions LLC for a 2.55 MWdc solar farm in Seneca, N.Y. The 10-acre solar farm, which was completed in 2017 and features 7,800 solar panels, will provide energy to Hobart and William Smith Colleges. The project is combined with a second solar farm that was completed in 2016. The combined facilities will produce approximately 5 MW of electricity. Financing included a grant from the New York State Research and Development Authority, a statewide solar incentive program to increase the number of solar electric systems across the state and meet the mandate for half of the state’s electricity to come from renewable energy sources by 2030. 

Journal Category:

Renewable Energy Tax Credits

Authors:

Novogradac

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