Big news for offshore wind in Congress today! The Senate Finance committee just voted on a tax package that includes a one-year extension of the investment tax credit (ITC) for offshore wind.
We’ve been working on this for a long time, so it’s very satisfying that the ITC was included in this package. We’re now in very good shape to be included in the final package that will (hopefully) be voted on by the full Senate after November’s elections.
So why are we so concerned with getting the ITC extended? Because one of the biggest impediments to offshore wind development is financing, and the ITC can help incentivize investment in these expensive but beneficial projects.
Offshore wind farms will be extremely difficult, if not impossible, to finance without an extension of the ITC. As it stands now, the ITC for offshore wind expires at the end of 2012, which is why it’s so important to get this critical tax incentive extended.
Extending the ITC would send a clear signal to investors that America is open for business and committed to producing clean and domestic energy. Today’s vote in the Senate Finance committee brings us one step closer to achieving that goal.
Why is Oceana such a strong advocate for offshore wind, anyway? Here are a few big reasons:
It’s an exciting time in the world of offshore wind and we’re thrilled to be a part of the action!
Nancy Sopko is an Ocean Advocate at Oceana.
The answer is blowing in the wind, and we have a new report to prove it.
Oceana’s new report, Untapped Wealth, is a comprehensive analysis that shows how focusing our investments on clean energy like offshore wind would be cost-effective, more beneficial to job creation, and better for the environment and ocean in a variety of ways than offshore oil and gas exploration and development.
Here are a few of the key findings from the new report:
*Delaware, Massachusetts and North Carolina could generate enough electricity from offshore wind to equal current electricity generation, entirely eliminating the need for fossil fuel based electric generation.
* East Coast states such as New Jersey, Virginia and South Carolina could supply 92%, 83% and 64% of their current electricity generation with offshore wind, respectively.