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Renewable Energy Tax Credits News Briefs - March 2012

Sens. Jim DeMint, R-S.C., and Mike Lee, R-Utah, introduced a bill to repeal all energy-specific tax credits. Called the Energy Freedom and Economic Prosperity Act, S. 2064 would repeal all tax credits for renewable and conventional energy sources and would require a corresponding reduction in the corporate tax rate. S. 2064 focuses on energy tax credits and would leave other energy tax expenditures intact. A companion bill, H.R. 3308, was introduced in the House of Representatives in November. Copies of both bills are available online at www.energytaxcredits.com.

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NJR Clean Energy Ventures (NJRCEV) completed a 14.1 megawatt (MW) solar system on McGraw-Hill's East Windsor, N.J. campus. The $59.5 million system is NJRCEV's largest single investment to date and will provide a significant offset to the campus's need for energy from other sources. The project is expected to generate 18.4 million kilowatt-hours of electricity annually. NJRCEV placed an additional three systems into service in New Jersey in the first quarter of fiscal year 2012. All NJRCEV's projects will qualify for 30 percent investment tax credits (ITCs) and the energy produced will generate Solar Renewable Energy Certificates.

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An independent panel of experts concluded that there is no evidence for a set of health effects that could be characterized as "Wind Turbine Syndrome." The Massachusetts Department of Environmental Protection (MassDEP) and Department of Public Health convened the panel, which was composed of physicians and scientists with expertise in areas including acoustical noise, public health, sleep disturbance, mechanical engineering and neuroscience. Researchers were asked to identify any documented or potential human health impacts or risks associated with proximity to wind turbines, and released their findings in a report titled "Wind Turbine Impact Study: Report of the Independent Wind Expert Panel." The panel found no association between noise from wind turbines and measures of psychological distress or mental health problems. MassDEP will accept public comments on the report until March 19. More information about the study is available at the State of Massachusetts website.

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Chevron Energy Solutions announced that it is seeking construction-ready solar projects in need of financing and engineering, procurement and construction (EPC) services. The company's renewables investment unit uses an integrated approach, combining internal capital and financial partners along with experience in EPC services, to finance and build solar projects using the ITC as well as accelerated and bonus depreciation. The company is focusing on solar projects ranging from 3 to 20 MWs. Developers can submit a brief non-confidential project description for Chevron's consideration online from Chevron.

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Secretary of the Interior Ken Salazar and California Gov. Jerry Brown signed an agreement to expand the state's partnership with the U.S. Department of the Interior to expedite renewable energy projects in California. The agreement broadens the existing partnership to formally include transmission projects and bring in new partners. The state and federal partnership operates through a senior-level Renewable Energy Policy Group (REPG) that expedites review and processing of proposed projects. This year, the REPG will focus on the seven renewable energy and transmission projects on California lands administered by the Bureau of Land Management, and on additional projects on private lands.

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Wells Fargo & Company announced that it will provide as much as $100 million for solar photovoltaic projects developed by Atlanta, Ga.-based Enfinity America Corporation. Enfinity develops projects ranging from a 33 MW solar farm in Ontario, Canda to a 9.8 MW installation at a blue-chip manufacturing facility in Ohio. Since 2006, Wells Fargo has invested more than $2.7 billion in more than 300 renewable energy projects in 27 states.

Journal Category:

Renewable Energy Tax Credits

Authors:

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