Today, bipartisan legislation to stimulate the development of offshore wind power was introduced in the United States Congress. Senators Tom Carper (D-DE) and Susan Collins (R-ME), and Representatives Bill Pascrell, Jr. (D-NJ-09) and Frank LoBiondo (R-NJ-02), introduced companion bills in the Senate and House of Representatives that would extend the investment tax credit for offshore wind produced in both state and federal waters.
If passed, the Incentivizing Offshore Wind Power Act would provide a 30 percent investment tax credit for the first 3,000 megawatts of offshore wind energy produced in the U.S.
Oceana, the largest international advocacy group working solely to protect the world’s oceans, applauded the legislation and released the following statement from deputy vice president for U.S. campaigns Jacqueline Savitz:
“Developing offshore wind power in the U.S. is no longer a luxury, but a necessity. Instead of waiting for the next offshore drilling disaster, we need to begin shifting away from fossil fuels and towards a clean energy economy.
Clean energy is an issue both sides can agree on, even in this Congress, as this bill shows. Offshore wind is a clean and abundant energy source that remains untapped in the U.S. Other countries are developing this energy resource and the U.S. can too. The investment tax credit is critical to ensuring the continued growth of the offshore wind industry in the U.S.
Offshore wind development in the U.S. will help to stimulate our economy, while creating hundreds of thousands of long-term jobs for American workers. It’s good for the economy, it never spills, and it will help to save our oceans.”
Statement from Senator Carper: “Developing wind energy off our nation’s shores, especially in places like my home state of Delaware, is a critical part of boosting American energy independence and jumpstarting our clean energy economy. Offshore wind is a true ‘win-win-win’ – it is cleaner for our environment, reduces our dependence on fossil fuels and foreign energy, and helps create jobs. If we want to harness this untapped, domestic energy source, providing investment tax incentives for our country’s first offshore wind projects is essential. Our bill would do just that. Additionally, it would help spur an industry that can be an engine for new, good-paying jobs in manufacturing, construction, maintenance and production. I look forward to working with my colleagues to pass this legislation and encouraging the growth of the American offshore wind industry.”
Statement from Congressman Pascrell: “In the wake of Hurricane Sandy, we must do everything we can to encourage investment in new and exciting clean energy technologies, like offshore wind, that will reduce our dependence on the carbon based fuels that cause climate change. Offshore wind offers an enormous potential for producing domestic, clean energy close to the large population centers of the Northeast. The Incentivizing Offshore Wind Power Act will give tax certainty to the seed investors this industry needs to jumpstart installations, encourage the development of manufacturing facilities, create good paying jobs, and reduce costs for future projects and consumers.”
Original co-sponsors on the Senate bill include: Susan Collins (R-ME), Chris Coons (D-DE), Frank Lautenberg (D-NJ), Sheldon Whitehouse (D-RI), Sherrod Brown (D-OH), Jack Reed (D-RI), Angus King (I-ME), Kirsten Gillibrand (D-NY), Bob Menendez (D-NJ), William "Mo" Cowan (D-MA), Ben Cardin (D-MD) and Elizabeth Warren (D-MA).