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Renewable Energy Tax Credit News Briefs – October 2018
U.S. wind power capacity grew by more than 7,000 megawatts (MW) in 2017 to a nearly 90,000 MW, driven largely by the looming production tax credit (PTC) phasedown, according to the U.S. Department of Energy’s “2017 Wind Technologies Market Report,” released Aug. 23 by the Office of Energy Efficiency and Renewable Energy. The report says Texas remains the leader among states in installed capacity, with Oklahoma and Kansas ranking second and third. The report also predicts that annual wind power capacity additions will continue “at a rapid clip” for the next few years before declining, due to the progressive reduction in the PTC. The report is available at www.energytaxcredits.com.
The Vermont Department of Taxes issued revised Technical Bulletin 45 Aug. 9 to clarify administrative details of the state solar energy investment tax credit (ITC). No functional aspects of the credit were changed, but the bulletin clarifies that the Vermont solar tax credit is 24 percent of the federal ITC and is only available for the Vermont-property portion of the investment. The solar ITC is the only component of the renewable energy ITC that may be carried forward up to five years. The credit is not available to C corporations and Vermont no longer offers a business solar ITC for 100 percent of the Vermont-property portion of the federal credit. The amount of credit available is limited by a taxpayer’s liability.
The Solar Energy Industries Association (SEIA) announced Aug. 13 the hiring of two executives. John Smirnow will rejoin SEIA as general counsel and vice president of market strategy. Tony Chen will serve in the newly created position of vice president of business development. Smirnow previously served as SEIA’s vice president of international trade. He also founded the Global Solar Council and served as the council’s first secretary-general. Chen was vice president of sales and business development at Cool Earth Solar and was a project development manager at SolarCity.
Connexus Energy begun construction in early August on two solar-plus-storage projects in Minnesota. The Connexus project comprises two solar gardens in Ramsey and Athens Township. Together, they will provide 10 MW of production capacity. Costs are estimated to total $31 million for the project, which will be eligible for the ITC.