Oceana is actively working to further federal incentives that stimulate renewable power generation, especially from ocean-based sources such as offshore wind. At the same time, Oceana also fights to ensure offshore wind development is done safely and responsibly so that it provides net environmental benefits to our oceans.
Offshore wind energy can play a huge role in generating low carbon electricity for the future of the nation. However, there are still no operating offshore wind facilities in U.S. waters. One of the biggest impediments to offshore wind development is financing. Offshore wind farms, with their high capital costs and long lead times, will be extremely difficult, if not impossible, to finance without more certainty about the applicability of the Investment Tax Credit (ITC) to these projects. Extending the ITC will send a clear signal to investors that America is open for business and committed to producing clean, domestic energy. Oceana works to extend the ITC for offshore wind so that we can finally start to reap the countless environmental and economic benefits of this clean energy industry.
Energy efficiency and renewable energy are already cost-competitive in many parts of the world. Incentives like tax credits, grants to renewable energy project development or technology manufacturers, and purchasing clean energy help move our economy away from dirty fossil fuels and into a clean 21st century.