Released May 06, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--For decades, the U.S. power industry has seen wave after wave of tax subsidies to support growth in the renewable electricity sector. The primary benefactors of these tax credits have been developers of wind and solar power plants.
Currently, production tax credits for wind are set to expire at the end of this year. Investment Tax Credits for solar power were extended for two years at 26%, and there is a 30% tax credit in place for offshore wind projects starting construction between 2017 through the end of 2025.
Click on the image at right for a graph showing U.S. renewable energy project kickoff project activity through December 2023.
President Joe Biden's proposed infrastructure bill goes further, extending existing renewable energy credits by 10 years with a "direct pay" revision. In addition, if passed this legislation would offer tax credits for other forms of renewable energy, some transmission lines and energy storage projects.
Apart from the proposed infrastructure bill, other legislation is in the works, such as the Growing Renewable Energy & Efficiency Now (GREEN) Act of 2020, the GREEN Act Plus and a revised Clean Energy for America Act.
Industrial Info is tracking 26 gigawatts (GW) of renewable energy under construction. If you are a subscriber to Industrial Info's Power database click here for a list of related projects.
In addition, we have identified more than 195 GW of renewable energy proposed for construction starts from now through the end of 2023. If you are a subscriber to Industrial Info's Power database click here for a list of related projects. Not all of this is expected to move forward, but much of it will.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
Currently, production tax credits for wind are set to expire at the end of this year. Investment Tax Credits for solar power were extended for two years at 26%, and there is a 30% tax credit in place for offshore wind projects starting construction between 2017 through the end of 2025.
President Joe Biden's proposed infrastructure bill goes further, extending existing renewable energy credits by 10 years with a "direct pay" revision. In addition, if passed this legislation would offer tax credits for other forms of renewable energy, some transmission lines and energy storage projects.
Apart from the proposed infrastructure bill, other legislation is in the works, such as the Growing Renewable Energy & Efficiency Now (GREEN) Act of 2020, the GREEN Act Plus and a revised Clean Energy for America Act.
Industrial Info is tracking 26 gigawatts (GW) of renewable energy under construction. If you are a subscriber to Industrial Info's Power database click here for a list of related projects.
In addition, we have identified more than 195 GW of renewable energy proposed for construction starts from now through the end of 2023. If you are a subscriber to Industrial Info's Power database click here for a list of related projects. Not all of this is expected to move forward, but much of it will.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
