This is an excerpt from EERE Network News, a weekly electronic newsletter.
Renewable Energy Tax Credit Extended Through 2003
Congress last week approved the Job Creation and Worker Assistance Act - commonly known as the economic stimulus bill - and in the process provided a two-year extension of the production tax credit (PTC). The PTC provides renewable power producers with a tax break of 1.5 cents per kilowatt-hour (in 1992 dollars, adjusted for inflation) and applies to electricity produced from wind power, poultry waste, and biomass power produced from dedicated energy crops. The credit now applies retroactively to installations placed in service since the beginning of this year, and extends through the end of 2003. The PTC is crucial for wind energy development in the United States, and its extension was hailed by the American Wind Energy Association (AWEA). See the AWEA press release.
President Bush signed the bill into law on Saturday. See the White House press release.
Wind energy is currently the world's fastest-growing energy source, with an average growth rate of 30 percent per year for the past five years, according to AWEA. In early April, the organization will be teaming with the European Wind Energy Association and the Indian Wind Turbine Manufacturers' Association to host the 2002 Global Windpower Conference in Paris. See the AWEA press release.