Congressional Tax Credits Expected to Further Boost U.S. Renewables

The renewable energy sector in the United States is finishing 2015 on a high note as Congress has voted to approve significant extensions for tax credits for renewable energy, and the American Wind Energy Association (AWEA) has reported a surge in wind power installations. Ending uncertainty about the fate of tax credits for the wind and solar industries, Congress has voted to extend investment tax credits for solar power and production tax credits for wind energy through 2022 and 2020, respectively. Renewable energy companies and analysts praised the extensions, saying that, coupled with rapidly falling prices for wind and solar energy technologies, the tax credits virtually guarantee a boom in the production of renewables in the U.S. Earlier this week, the AWEA said U.S. wind energy production has reached a milestone, with 50,000 turbines providing a generating capacity of 70 gigawatts — enough to power 19 million homes.