ENERGY

Wind energy credits extended in tax bill

COURTESY NARRAGANSETT BAY COMMISSION/PETER GOLDBERG
THE WIND ENERGY TAX CREDITS were extended in the bill passed by Congress on New Year's Day. The bill will move to President Barack Obama for his signature Wednesday afternoon.
Posted 1/2/12

WASHINGTON – The extension of wind energy tax credits is included in the passage of the bill to avert the “fiscal cliff” late New Year’s Day. The bill now moves to President Barack Obama for his expected signature, according to a release from the American Wind Energy Association.

That extension is good news for Deepwater Wind’s planned Block Island Farm, company President Jeffrey Grybowski said in an email to Providence Business News.

“Deepwater Wind is extremely happy that the Investment Tax Credit, along with the Production Tax Credit, has been extended by Congress,” Grybowski said. “We are exploring what we must to do to qualify the Block Island Wind Farm for these credits and are hopeful that the program will support this first offshore wind farm in the U.S.”

Providence-based Deepwater Wind is a planning a five-turbine wind farm to be located 3 miles southeast of Block Island. Target date for completion is 2015.

The project is in an informal race with the planned Cape Wind project in Nantucket Sound to be the nation’s first offshore wind farm.

Obama said he plans to sign the bill into law, although he did not specify a time, according to CNN.com. Congress plans to send the bill to the White House this afternoon, the report said.

Before the extension, the wind energy credits were set to expire at the end of 2012.

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